The provisions of section 125 and section 132 of the Companies Act, 2013 respectively provide details about the constitution, powers and responsibility of the Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA). These sections are yet to be notified. The draft Rules with regard to these two authorities have been prepared and placed on the website of this Ministry inviting comments/suggestions from stakeholders. Consultations have also been held with the Ministry of Finance and Controller General of Accounts (CGA) on the accounting and refund process for IEPFA. The draft Rules are expected to be notified during the year 2015-16.

 Other provisions relating to investor protection such as Independent Directors, Committees of the Board, Appointment of small Shareholders Director, related party transactions, etc. have already been notified. Certain sections which require the functioning of National Company Law Tribunal and its appellate body are under litigation in the Supreme Court and have not been notified.

 This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.

Investor protection framework: draft rules for fund authority and reporting regulator published, notification expected while tribunal-dependent sections await resolution. The provisions establishing the Investor Education and Protection Fund Authority and the National Financial Reporting Authority remain unnotified; draft rules have been published for comment and consultations undertaken on accounting and refund procedures, with notification expected. Other investor-protection measures such as independent directors, board committees, small-shareholder representation, and related-party transaction rules have been notified, while sections contingent on the National Company Law Tribunal remain unnotified pending litigation.