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TMI BlogConstitution of National Financial Reporting AuthorityX X X X Extracts X X X X X X X X Extracts X X X X ..... nting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be; ( b ) monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed; ( c ) oversee the quality of service of the professions associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of services and such other related matters as may be prescribed; and ( d ) perform such ot her functions relating to clauses (a), (b) and (c) as may be prescribed. (3) The National Financial Reporting Authority shall consist of a chairperson, who shall be a person of eminence and having expertise in accountancy, auditing, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants, registered under the Chartered Accountants Act, 1949 (38 of 1949): Provided that no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation under this section; ( b ) have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:- ( i ) discovery and production of books of account and other documents, at such place and at such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an appeal before 2 [the Appellate Tribunal in such manner and on payment of such fee as may be prescribed.] 3 [***] (10) The National Financial Reporting Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings in such manner as may be prescribed. (11) The Central Government may appoint a secretary and such other employees as it may consider necessary for the efficient performance of functions by the National Financial Reporting Authority under this Act and the terms and conditions of service of the secretary and employees shall be such as may be prescribed. (12) The head office of the National Financial Reporting Authority shall be at New Delhi and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Notification No. S.O. 5385(E) dated 24-10-2018 ********************** Notes:- 1. Substituted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 09 February, 2018, before it was read as, ten lakh rupees 2. Substituted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 09 February, 2018, before it was read as, the Appellate Authority constituted under sub-section (6) in such manner as may be prescribed 3. Omitted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 09 February, 2018, before it was read as, (6) The Central Government may, by notification, constitute, with effect from such date as may be specified therein, an Appellate Authority consisting of a chairperson and not more than two other mem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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