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June 22, 2022

NFRA- Punishment for non compliance

by CA Shivam Jaiswal in MCA Circular

NFRA- Punishment for non compliance



New Delhi, dated the I17- June, 2022

G.S.R.     (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 FinancialReporting Authority Amendment Rules, 2022.

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

2.    In the National Financial Reporting Authority Rules, 2018, for rule 13, the following rule shall be substituted, namely:-

“13.    Punishment in case of non-compliance:-

Whoever contravenes any of the provisions of these rules, shall be punishable with fine not exceeding five thousand rupees, and where the contravention is a continuing one, with a further fine not exceeding five hundred rupees for every day after the first during which the contravention continues.”.

Manoj Panfe

Joint Secretary

Note : The principal rules were published  in the Gazette of India, Extraordinary,  Part II, Section 3 sub-section (i) vide number G.S.R. 1111(E), dated the 13 1h November, 2018 and further amended vide number G.S.R. 636(E) dated S’h September, 2019.


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