The record
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- A joint parliamentary committee has endorsed the Corporate Laws (Amendment) Bill, 2026, which proposes a major overhaul of India's corporate law framework.
- The Bill would replace criminal provisions for procedural defaults under the Companies Act and LLP Act with civil penalties, while keeping criminal sanctions for serious violations like fraud.
- It also includes relaxed CSR norms with exemptions for eligible small companies, compliance relief for startups and small businesses, a stronger role for the NFRA, and a framework allowing Sebi- or IFSCA-registered trusts to convert into LLPs.
- The committee consulted widely, receiving over 900 suggestions from stakeholders, and tabled its report in Parliament on Monday.
What to watch next
- Whether Parliament passes the Bill and how the ministry of corporate affairs frames the subordinate rules and regulations recommended by the committee
- Implementation of the shift from criminal provisions to in-house adjudication with monetary penalties for procedural defaults
- Details of how the new frameworks, including trust-to-LLP conversions and foreign currency share capital in IFSCs, will be operationalized
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Named India · Harsh Kumar · HT Media Group · International Financial Services Centres Authority · Joint Committee of Parliament · Ministry of Corporate Affairs · National Financial Reporting Authority · Securities and Exchange Board of India
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