Finance ministry officials and the National Financial Reporting Authority (NFRA) on Wednesday briefed a joint committee of Parliament on the Corporate Laws (Amendment) Bill, 2026. According to reports from PTI, the Joint Committee on the Corporate Laws (Amendment) Bill, headed by BJP member Sudheer Gupta, is examining the bill as part of its ongoing review process. The panel has been gathering views from various stakeholders on the proposed changes in the laws, with the committee earlier this month inviting views and suggestions from various stakeholders and experts.
The Corporate Laws (Amendment) Bill, 2026, seeks to amend the Limited Liability Partnership (LLP) Act, 2008, and the Companies Act to facilitate ease of doing business, decriminalise minor procedural defaults and modernise the country's corporate governance architecture. As reported by PTI, Finance and Corporate Affairs Minister Nirmala Sitharaman introduced the bill in the Lok Sabha on March 23, which was then referred to the committee for detailed examination.
The proposed amendments are expected to rationalise penalties, shift several minor procedural lapses from criminal liability to monetary penalties, and streamline regulatory processes to promote ease of doing business. According to PTI, the reforms are also aimed at improving the overall corporate compliance framework while reducing litigation and encouraging a more facilitative regulatory environment for companies and LLPs. NFRA Chairperson Nitin Gupta briefed the panel with regard to the bill, with the regulator's Full Time Member Smita Jhingran and other officials present at the meeting.
Various Lok Sabha and Rajya Sabha members, including P P Chaudhary, Supriya Sule, Nishikant Dubey and Vivek Tankha, part of the panel were present at the meeting. As reported by PTI, NFRA comes under the administrative control of the corporate affairs ministry, and Finance ministry officials also briefed the committee on the bill during the session. The committee's examination of the bill aims to facilitate comprehensive reforms in India's corporate regulatory framework.
