The Supreme Court of India has curbed BCCI's financial power and in another sanction on India's cricket body, asked the retired justice RM Lodha Panel to fix a limit on its financial transactions.
The Lodha Panel will appoint an independent auditor to screen BCCI's financial accounts and will fix a limit on the monetary value of contracts beyond which the BCCI will have to take an approval from the Panel before entering into any contract.
The Supreme Court has also instructed the BCCI that no money should be given to the state cricket associations until they follow the Lodha committee recommendations.
SC has also asked the BCCI president Anurag Thakur and secretary Ajay Shirke to file a compliance report affidavit within two weeks regarding the implementation of the Lodha Panel recommendations.
On 18 July, the Supreme Court accepted major recommendations of the committee on the reforms in the BCCI including a bar on ministers and civil servants and those above 70 from becoming its members.
The next hearing will take place on 5 December.