National Financial Reporting Authority (NFRA) has been constituted on 1st October 2018 under Section 132 of the Companies Act, 2013 vide MCA Gazette Notification No. 5099(E) dated 1st October, 2018. Thereafter, MCA has notified National Financial Reporting Authority Rules, 2018, vide Gazette Notification No. G.S.R. 1111(E). dated 13.11.18.
The NFRA is to be an independent regulator overseeing the auditing profession, and its creation was first recommended by the Standing Committee on Finance in its 21st report.
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