The Competition & Commercial Law Review

[Saanvi Rao is a third year student at Gujarat National Law University] Introduction When IL&FS collapsed in 2018, and when the auditors of Dewan Housing Finance Corporation Ltd ("DHFL") came under scrutiny shortly after, a quiet institutional embarrassment surfaced: India’s single focus audit regulator, the National Financial Reporting Authority (“NFRA”), was virtually powerless. Not being a corporate entity, NFRA did not have any independent rule-making power and was entire