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ARTICLE · 26 MARCH 2019

National Financial Reporting Authority (NFRA)

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On 1ST March 2018 Union Cabinet approved the establishment and functioning of National Financial Reporting Authority, followed by approval by capital market regulator Securities Exchange Board of India.

IndiaAccounting and Audit
Rishub Kapoor
Rishub Kapoor
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On 1ST March 2018 Union Cabinet approved the establishment and functioning of National Financial Reporting Authority (NFRA)1, followed by approval by capital market regulator Securities Exchange Board of India (SEBI).

Ministry of Corporate Affairs (MCA) through its notification dated 21st March 2018, approved the establishment and functioning of National Financial Reporting Authority (NFRA) under section 132 of Companies Act 2013.2 The Authority functioning will be governed by National Financial Reporting Authority (Manner of Appointment and other terms and conditions of service of chairperson and members) Rules 20183.

OBJECTIVE

The purpose behind constitution of NFRA is to enhance institutional oversight over auditors and to improve market integrity, transparency and protection of the interest of investors and other stakeholders like banks, lending institutions, suppliers, etc.

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