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Core Purpose

Notification under section 132(3) of the Companies Act, 2013 amending Rule 11(1) of the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018 to increase prescribed remuneration amounts for the NFRA Chairperson and Members.

Detailed Summary

Issued by the Ministry of Corporate Affairs (G.S.R. 543(E), dated 6 September 2024), this notification, made in exercise of powers under sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), enacts the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2024, effective from the date of publication, further amending the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018 (principal notification G.S.R. 262(E) dated 21 March 2018, last amended vide G.S.R. 165(E) dated 28 February 2022); specifically, in sub-rule (1) of rule 11, it substitutes the words "four lakh fifty thousand rupees" with "five lakh sixty two thousand five hundred rupees" and the words "four lakh rupees" with "five lakh rupees"; the notification is signed by Inderdeep Singh Dhariwal, Joint Secretary, under file number NFRA-01/2/2021-Comp-MCA (Part-1).

Full Text

5716 GI/202 4 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( i) PUBLISHED BY AUTHORITY No. 501] NEW DELHI, FRIDAY , SEPTEMBER 6, 2024 /BHADRA 15, 1946 CG-DL-E-06092024-256959 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 6th September , 2024 G.S.R. 543(E).—In exercise of the powers conferred by sub -section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, namely: – 1. (1) T hese rules may be called the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the O fficial Gazette. 2. In the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, in sub rule (1) of rule 11, for the words "four lakh fifty thousand rupees", the wor ds "five lakh sixty two thousand five hundred rupees"; and for the words "four lakh rupees", the words "five lakh rupees" shall be substituted, respectively. [F. No. NFRA -01/2/2021 -Comp -MCA (Part -1)] INDERDEEP SINGH DHARIWAL, Jt. Secy . Note: The principal notification was published in the Gazette of India, Extraordinary Part II, Section 3, Sub -section (i) vide number G.S.R. 262(E), dated 21st March, 2018 and last amended vide G.S.R. 165(E), dated 28th February, 2022. Uploaded by Dte. of Pri nting at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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