The Institute of Chartered Accountants of India v/s National Financial Reporting Authority

In India traditionally accounting and audit related standards are regulated by The Institute of Chartered Accountants of India (ICAI). The ICAI was established to set a code of conduct that needs to be followed by all the professional accounting practitioners including auditing firms. ICAI working as an autonomous institution under Government of India, but Government has set up another regulatory body called National Financial Reporting Authority (NFRA)over ICAI for recommendations to the Central Government on formulating high-quality accounting standards and auditing polices, which mandatorily adapt by companies or auditors. NFRA is given complete power to regulate &control audit practices. How everyone can observe that there are two equivalent organization operating with the same objective which may create more bureaucratic hurdles in the system