MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 5th September, 2019

 

G.S.R. 636(E) —In exercise of the powers conferred by Sub-sections (2) and (4) of section 132 sub-section (1) of section 139 and sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, to amend the National Financial Reporting Authority Rules, 2018, namely :-

 

  1. Short title and commencement.- (1) these rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019.

(2)  They shall come into force on the date of their publication in the Official Gazette.

 

  1. In the National Financial Reporting Authority Rules, 2018 (hereinafter referred to as the said rules), 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”, shall be inserted.

 

  1. In the said rules, after clause (c) of sub-rule (1) of rule 3, the following explanation shall be inserted, namely:-  

“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).”.

 

  1. In the said rules, in rule 5, for the figures, letters and words “30th April every year in such form as may be specified by the Central Government”, the figures, letters and words “30th November every year in Form NFRA-2” shall be substituted.

 

  1. In the said rules, in sub-rule (5) of rule 11, the following provisos shall be inserted, namely:-

 “Provided that where the disposal does not take place within the said period, the Division shall record the reasons for not disposing off the show-cause notice within the said period, 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:

Provided further that the chairperson may, if he thinks fit, grant the said extension of period more than once.”

 

  1. In the said rules, in the Annexure, after Form NFRA-1, the following Form shall be inserted, namely:—

 

 Form NFRA-2

 

[F. No. 1/4/2016 CL-I]

 

 

K. V. R. MURTY, Jt. Secy.

 

 

Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3 of  Sub-section (i) vide number G.S.R. 1111(E), dated the 13th November, 2018.