MCA introduces maximum penalty upto Rs. 5000 in case non-compliance of NFRA Rules, 2018 vide NFRA Amendment Rules, 2022

The Central Government notifies National Financial Reporting Authority Amendment Rules, 2022 to amend the National Financial Reporting Authority Rules, 2018.

The Amendment introduces the penalty in case of non compliance of the provisions of the Rules.

“13. Punishment in case of non-compliance:-

Whoever contravenes any of the provisions of these rules, shall be punishable with fine not exceeding five thousand rupees, and where the contravention is a continuing one, with a further fine not exceeding five hundred rupees for every day after the first during which the contravention continues.”.

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