Requirement Filing of NFRA-1 National Financial Reporting Authority- Series - 406
Requirement Filing of
NFRA-1
National Financial Reporting Authority
There is question
in mind of professionals/ corporate i.e. As per Rule 3(2) of NFRA “Every existing body corporate other than a company governed by these
rules, shall inform the Authority within thirty days of the commencement of
these rules, in Form NFRA-1, the particulars of the auditor as on the date of
commencement of these rules.”
1.
Whether every Company, which are not covered in
NFRA rules are required to file NFRA -1?
2. Which are the
Companies on whom NFRA rules are applicable?
A. Companies cover
under NFRA:
a) All Listed Companies/ Listed Body
Corporate;
Body Corporate: body corporate" or
"corporation" includes a company incorporated outside India,
b) Unlisted Public Companies with
- Paid up Capital or Loans > =
INR 500 crores OR
- Turnover > = INR 1000 crores
OR
- Outstanding Loan, Debentures and
Deposit >= INR 500 crores
**Above Limits shall be check on
as on the 31st March of immediately preceding financial year;
·
Banking Companies
·
Insurance
·
Electricity Companies
·
Special Act Companies
c) Body
corporate; or Company; or Person on a reference made by CG in public interest .
d) Certain
specific foreign Subsidiaries/Associates of Indian Companies
**NOTE:
Once a Company falls under the above limits under NFRA, will be covered by NFRA
for 3 More years.
Whether every Company,
which are not covered in NFRA rules are required to file
NFRA -1?
As per
Rules, Every existing body corporate, other than a company, governed by these rules, shall inform the Authority within thirty days of the commencement
of these rules, in Form NFRA-1, the particulars of the auditor as on the date
of commencement of these rules.
Note: NFRA-1 shall be required to file by a “BODY CORPORATE” which not covers i In
above mentioned companies.
Therefore, it can be opine that Indian Companies are
not required to file NFRA-1. Only body corporate are required to file the same.
B.Other Compliance:
· Everybody corporate shall within 15 days of
appointment of an auditor, inform the Authority about the particulars of the
auditors appointed by the body corporate, inform NFRA-1;
Note: Indian Cos. are exempted from this requirement.
·Annual return - Every auditor referred to
in rule 3 shall file a return with the Authority on or before 30th
April every year in such form as may be specified by the Central Government
Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES
Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com). Disclaimer:
The
entire contents of this document have been prepared on the basis of relevant
provisions and as per the information existing at the time of the preparation.
Although care has been taken to ensure the accuracy, completeness and
reliability of the information provided, I assume no responsibility therefore.
Users of this information are expected to refer to the relevant existing
provisions of applicable Laws. The user of the information agrees that the
information is not a professional advice and is subject to change without
notice. I assume no responsibility for the consequences of use of such
information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT,
SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION
WITH THE USE OF THE INFORMATION
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