Power to take action against auditors permits debarment for noncompliance with central bank directions, strengthening regulatory enforcement. The Bill strengthens Reserve Bank oversight by raising NBFC capital requirements, enabling removal of directors and board supersession for non-government NBFCs, and by creating power to take action against auditors, permitting the Bank to remove or debar auditors who fail to comply with its directions for up to three years; it also adds provisions on NBFC resolution, group supervision and increases statutory penalties.
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Power to take action against auditors permits debarment for noncompliance with central bank directions, strengthening regulatory enforcement.
The Bill strengthens Reserve Bank oversight by raising NBFC capital requirements, enabling removal of directors and board supersession for non-government NBFCs, and by creating power to take action against auditors, permitting the Bank to remove or debar auditors who fail to comply with its directions for up to three years; it also adds provisions on NBFC resolution, group supervision and increases statutory penalties.
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