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of <h1>MCA Amends NFRA Rules 2018: New Penalties for Non-Compliance u/r 13, Effective Upon Gazette Publication.</h1> The Ministry of Corporate Affairs issued a notification amending the National Financial Reporting Authority Rules, 2018. Effective upon publication in the Official Gazette, the amendment replaces Rule 13, stipulating penalties for non-compliance. Violators will face fines up to five thousand rupees, with an additional fine not exceeding five hundred rupees for each day the violation continues. This amendment is enacted under specific sections of the Companies Act, 2013. The original rules were published in November 2018 and previously amended in September 2019.
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