Ministry of Corporate Affairs vide its notification dated November 13, 2018 published National Financial Reporting Authority Rules, 2018, constituted as per sub-section (1) of section 132 of Companies Act, 2013. Brief details of such rules are as follows:
- The following classes of companies will be governed by NFRA Rules:
- Listed companies;
- Unlisted companies with paid-up capital of INR 500 CR or more / Annual Turnover of INR 1000 CR or more / outstanding loans, debentures and deposit of more than INR 500 Cr or more, as on 31st March of immediate preceding FY
- Insurance Companies, banking companies, companies with the business of generation or supply of electricity, companies governed with special act or companies incorporated in reference with clauses (b) to (f) of Section 1(4)
- companies/body corporate registered in India, with income / Networth of subsidiary or associate company is +20% of consolidated income / consolidated Networth (body corporate as defined in this clause are required to file Form NFRA – 1)
Other than above, companies required to file Form NFRA – 1 (details of auditor) within 30 days from the date of notification of rules.
Auditors referred in Rule 3 are also required to file returns on or before 30th April of every financial year.
Other related provisions of NFRA including functions, duties, powers, disciplinary proceedings of NFRA has also been notified in the rules.
Auditors referred in Rule 3 are also required to file returns on or before 30th April of every financial year.
Other related provisions of NFRA including functions, duties, powers, disciplinary proceedings of NFRA has also been notified in the rules.
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