<h1>Supreme Court to Review NFRA's Authority to Penalize Accountants Under Section 132(4) of Companies Act, 2013</h1> The Supreme Court has agreed to review the National Financial Reporting Authority's (NFRA) plea regarding its authority to issue show cause notices and penalize misconduct by chartered accountants and accounting firms. This follows a Delhi High Court decision that upheld NFRA's powers under Section 132(4) of the Companies Act, 2013, but quashed specific show-cause notices due to procedural concerns. The high court criticized the lack of neutrality in NFRA's process, as the same officials issued notices and adjudicated penalties. The Supreme Court emphasized the need for separate investigative and adjudicatory roles within NFRA, issuing notices for further proceedings.