New road map for full implementation of the new Companies Act

New road map for full implementation of the new Companies Act

– 05th jan, 2015

The Corporate Affairs Ministry has charted its road map for full implementation of the new Companies Act that envisages setting up Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA) within six months. The Government is already in final stages of notifying rules for IEPFA and NFRA, a quasi-judicial apex body for accounting and auditing standards, also with powers to probe and review audits of companies. Since April last year, when the Companies Act 2013 took effect, only 60% sections of law have been notified while 187 sections related to investor protection and winding up of companies are yet to be notified.

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