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of <h1>NFRA Rules update: broader 'Division' definition, banking coverage expanded, NFRA-2 annual returns due 30 November, longer SCN timelines</h1> Amends the National Financial Reporting Authority Rules, 2018 to clarify that a 'Division' includes a division headed by the chairperson or a full-time member, thereby expanding the scope of what constitutes a Division for internal allocation of matters. It inserts an explanation that, for the relevant class of entities, 'banking company' includes corresponding new banks and subsidiary banks, thereby extending coverage to such banks for purposes of applicability. It replaces the annual reporting timeline and form by requiring filing by 30 November each year in Form NFRA-2, thereby standardising the return format and extending the due date. It permits extension of the show-cause notice disposal period by up to 90 days (and more than once) with recorded reasons, thereby enabling longer adjudicatory timelines.
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