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The Board of Control for Cricket in India (BCCI) is not answerable to the government since it does not need any funding, but that could change if the bill is passed into law.
That could make the BCCI a public authority under the right to information Act, and asked to explain spending like government departments.
"In order to represent India in international events and to have a right for a particular sport federation to use 'India' or 'Indian' in the sport scenario, the federation shall have to comply with chapter IV (unethical practices in sports) and chapter IX (applicability of right to information Act)," says the bill, which needs to pass through parliament.
Though other sports will not be affected much as their expenses are cleared by the government, cricket could be hit hard since its spending would have to be explained.
The BCCI has been in an unwanted spotlight this year because of the spot-fixing controversy in the Indian Premier League.
That has led to a provisional ban on three cricketers and two top officials.
BCCI president Narainswamy Srinivasan has also stepped aside pending an inquiry into his son-in-law's proximity to illegal bookmakers.
Former ICC chief Jagmohan Dalmiya, who is the acting president in Srinivasan's absence, declined to comment on the proposed sports bill.
"It will be unfair to make any comments on this issue until I get a copy of the draft sports bill," he said.
"Once I have a detailed look, I will discuss the issue with the other senior members of the board and take a final call."
The draft, which also proposes an age and tenure cap for officials, a ban on tainted officials and setting up of an athletes' commission, will also be sent to the IOC for its comments.
