NFRA-1

MCA has deployed the form NFRA-1 on the site  https://nfra.gov.in/ 

This form is to be filed by the following entities:

(a) companies whose securities are listed on any stock exchange in India or outside India;

(b) unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year;

(c) insurance companies, banking companies, companies engaged in the generation or supply of electricity, companies governed by any special Act for the time being in force or bodies corporate incorporated by an Act in accordance with clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 1 of the Act;

(d) any body corporate or company or person, or any class of bodies corporate or companies or persons, on a reference made to the Authority by the Central Government in public interest; and

(e) a body corporate incorporated or registered outside India, which is a subsidiary or associate company of any company or body corporate incorporated or registered in India as referred to in clauses (a) to (d), if the income or networth of such subsidiary or associate company exceeds twenty per cent. of the consolidated income or consolidated networth of such company or the body corporate, as the case may be, referred to in clauses (a) to (d).

The form is required to be filed on or before 31st July, 2019. 

form NFRA-1

MCA has vide its notification dated 13th December, 2018 extended the last date for filing of form NFRA-1. The new date is 30 days from the date on which the form is deployed on the website of the ministry.

Form NFRA-1 is a new form for giving particulars of auditors of listed companies as per the new NFRA regulations. NFRA will be regulator of the auditors of the listed companies, for the time being. Later on it might extend to auditors of other unlisted big companies as well.

Ostensibly the form is not ready at the MCA side which is why they have extended the last date. This has happened with other forms also such as BEN-1, BEN-2 and the form for intimating commencement of business. One would have thought that MCA should do all its homework before introducing new regulations or changes in the existing regulations. Shows MCA in poor light in this regard.

http://www.mca.gov.in/Ministry/pdf/NoticeAndCirculars_13122018.pdf