The government has extended the deadline for submitting feedback on
draft rules, issued on Tuesday, related to National Financial Regulatory
Authority, Serious Fraud Investigation Office and acceptance of
deposits by companies.
The Corporate Affairs Ministry has extended the deadline for suggestions
and comments till November 5
from earlier date of November 1.
So far, the Ministry has issued draft norms for 27 chapters, in three tranches, for the
Companies Act, 2013. The new legislation replaces the nearly six-decade old law that governs functioning of corporates in the country.
The feedback deadline has been extended for draft rules pertaining to
Chapter V - Acceptance of Deposits by Companies; Chapter IX - Accounts
of Companies (National Financial Reporting Authority (
NFRA)) and Chapter XIV - Inspection, Inquiry and Investigation.
NFRA would have powers to lay down accounting and auditing policies and
standards for adoption by companies or class of companies or their
auditors. It would also be responsible for monitoring and ensuring
compliance with those standards.
Meanwhile, the new legislation would provide more teeth to
SFIO, the agency which is currently probing many high profile cases.
Already, the Ministry has received thousands of comments on various
topics, including Corporate Social Responsibility (CSR) spending.