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MCA Notification No. GSR. 636(E) Dated 05/09/19 – National Financial Reporting Authority (Amendment) Rules, 2019

MCA Notification No. GSR. 636(E) on 5th September, 2019 has issued The National Financial Reporting Authority (Amendment) Rules, 2019 to further amend The National Financial Reporting Authority Rules, 2018 wherein:-

  • In clause (g) of sub-rule (1) of rule 2, after the words “a division”, the words, “including the one headed by the chairperson or a full-time member”, is included.
  • After clause (c) of sub-rule (1) of rule 3, the following explanation has been added-                                                                                   “Explanation.- For the purpose of this clause, “banking company” includes ‘corresponding new bank’ as defined in clause (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) and ‘subsidiary bank’ as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Bank) Act, 1959 (38 of 1959).”
  • In rule 5, due date of filing annual return by auditor with NFRA has been changed from 30th April every year to 30th  November every year in a  new form inserted after the annexure i.e. Form NFRA-2.
  • In sub-rule (5) of rule 11, the following provisos has been added:-           If  the disposal does not take place within 90 days, the Division shall record the reasons for not disposing off the show-cause notice, and the chairperson, may, after taking into account the reasons so recorded, extend the aforesaid period by such additional period not exceeding ninety days as he may consider necessary. And such extension can be granted more than once.

The said Notification can be accessed through the following link:MCANotif_GSR636(E)_05092019_NFRA Amendmnt Rules,2018

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