Govt issues draft rules for National Financial Reporting Authority
Moving ahead with implementation of the new companies law, the government on Tuesday issued draft rules for the proposed National Financial Reporting Authority. Besides NFRA, draft rules relate to Serious Fraud Investigation Office and acceptance of deposits by companies have been released under the Companies Act, 2013. This is the third set of draft rules released by the Corporate Affairs Ministry for various chapters of the new legislation that replaces nearly six-decade old laws governing companies in the country. Among others, draft rules for board of directors, auditors, registration and incorporation of companies, revival of sick companies, financial accounts of corporates, National Company Law Tribunal and Appellate Tribunal, have been issued.
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