New Delhi, Aug. 3 -- New Delhi: A joint committee of parliament has backed an overhaul of India's corporate law framework, proposing further decriminalization of procedural lapses, compliance relief for small businesses, and relaxed corporate social responsibility (CSR) norms

In its report on the Corporate Laws (Amendment) Bill, 2026, tabled in Parliament on Monday, the committee also proposed a stronger role for the National Financial Reporting Authority (NFRA) and a framework allowing specified trusts to convert into limited liability partnerships (LLPs).

The report said the primary objective of the Bill is to simplify corporate legal procedures, reduce compliance burdens and strengthen corporate governance in line with recommendation...