Form NFRA-1 is notified by MCA vide Notification dated 13th November 2018 for the purpose of Notice to the Authority by a body corporate regarding its auditor.
Pursuant to section 132 of the Companies Act, 2013 and Rule 3(2) and 3(3) of the National Financial Reporting Authority Rules, 2018.
Classes of companies and bodies corporate covered Under NFRA RULES:
(a) Every Listed Companies (Whether Securities listed on Stock Exchange In India or Outside India)
(b) Unlisted Public Companies having-
(i) Paid up Capital not less than Rs. 500 Cr., or
(ii) Annual turnover of not less than Rs. 1000 Cr., or
(iii) in aggregate, outstanding loans, debentures and deposits of not less than rupees 500 Cr. 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