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We need to find a way to restrict the minting in the nft pallet so only certain accounts can mint a nft or can create a collection. How can this be done?

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Referring to pallet-nfts, for creating a collection you have the CreateOrigin (see here). For minting nfts it depends on the config of your collection, more specifically the MintType.

You can find this yourself when you look at the source code of a pallet in polkadot-sdk/substrate/frame/<pallet>, in your case the extrinsics fn create and fn mint in pallet-nfts.

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