MCA vide Notification No. G.S.R._(E) on Tuesday, 13th November, 2018 has issued the National Financial Reporting Authority Rules, 2018, wherein; the National Financial Reporting Authority (hereinafter called the “Authority”), shall have power to monitor and enforce compliance with accounting standards and auditing standards, oversee the quality of service under sub-section (2) of section 132 or undertake investigation under sub-section (4) of such section of the auditors of the following class of companies and bodies corporate, namely:-
- companies whose securities are listed on any stock exchange in India or outside India;
- unlisted public companies:-
- having paid-up capital of not less than rupees five hundred crores or ;
- having annual turnover of not less than rupees one thousand crores or ;
- having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial Year;
The said Notification can be accessed through the following link: MCANoti GSR___dt 13112018_NFRA_Rules_2018