(4)Notwithstanding anything contained in any other law for the time being in force, the National Financial Reporting Authority shall—(a)have the power to investigate, either suo motu or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into thematters of professional or other misconduct committed by any member or firm of chartered accountants, registered under the Chartered Accountants Act, 1949 (38 of 1949):Provided that no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation under this section;(b)have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:—(i)discovery and production of books of account and other documents, at such place and at such time as may be specified by the National Financial Reporting Authority;(ii)summoning and enforcing the attendance of persons and examining them on oath;(iii)inspection of any books, registers and other documents of any person referred to in clause (b) at any place;(iv)issuing commissions for examination of witnesses or documents;(c)where professional or other misconduct is proved, have the power to make order for—(A)imposing penalty of—(I)not less than one lakh rupees, but which may extend to five times of the fees received, in case of individuals; and(II)not less than ten lakh rupees, but which may extend to ten times of the fees received, in case of firms;(B)debarring the member or the firm from engaging himself or itself from practice as member of the Institute of Chartered Accountant of India referred to in clause (e) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) for a minimum period of six months or for such higher period not exceeding ten years as may be decided by the National Financial Reporting Authority.Explanation.—For the purposes of this sub-section, the expression “professional or other misconduct” shall have the same meaning assigned to it under section 22 of the Chartered Accountants Act, 1949 (38 of 1949).
