India's Joint Parliamentary Committee endorses corporate law reforms

The Joint Parliamentary Committee (JPC) on the Corporate Laws (Amendment) Bill, 2026 presented its report to both houses of Parliament, recommending the adoption of the legislation with clause‑wise modifications. Chaired by BJP MP Sudheer Gupta, the committee highlighted measures to simplify compliance, de‑criminalise procedural defaults by replacing criminal penalties with civil ones, and relax the Corporate Social Responsibility framework. It also proposed strengthening the National Financial Reporting Authority, allowing specified International Financial Services Centre entities to hold share capital in foreign currencies, and enabling certain trusts to convert into limited liability partnerships. The report calls for a digital‑first governance model, including hybrid shareholder meetings, electronic voting and automated filings, while retaining at least one physical annual general meeting. Over 25 sittings, the committee reviewed 130 memoranda, heard 83 experts and stakeholders, and aimed to align India’s corporate regulatory framework with global best practices.