Categories of person who are required to file NFRA Annual Returns
NFRA Annual Return to be filed by 30th Nov:
- A. National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards as per Sec 132 of the Companies Act 2013.
- Auditor is required to file form NFRA-2 annually before 30th November every year.
- Rule 3(1) of NFRA Rules specifies the class of Companies which shall be governed by NFRA. Following are the class of companies:
- Companies whose securities are listed on any stock exchange in India or outside india.
- Unlisted Public Company having Paid up capital of not less than Rs 500 Cr.
- Annual Turnover of not less than Rs 1000 Cr Outstanding Loans, deposits, debentures not less than Rs 500 Cr.
- Insurance Companies Banking Companies Companies engaged in the generation or supply of electricity Companies governed by any Special Act.
- Body Corporate incorporated by an Act in accordance with Section 1(4) with specified exception.
- Any other body corporate, person or class of persons as referred by Central Government to NFRA in Public Interest.
- Foreign Subsidiary or Associate Company of any Indian Company if net worth or Income of such foreign subsidiary or Associate Company is having more than 20% of the Consolidated income or net worth of such Indian Company.
- Penalty is applicable of Rs 5,000 for any contravention and if the contravention continues then up to Rs 500 per day till form is filed.
