The Ministry of Corporate Affairs has prepared a full road map for the implementation of the New Companies Act that envisages setting up of the Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA) within six months.
The government is already in the final stages of the implementation of the rules for IEPFA and NFRA which are the quasi-judicial bodies for the auditing and the accounting standards and which are also delegated with the powers to review and probe into the matters relating to the audit of the companies.
Since April, 2014 when the Companies Act, 2013 took effect only 60% of the sections have been notified while the other sections related to the investor protection and winding up of the companies are yet to be notified.
New bodies proposed in the Companies Act, 2013 will be made functional within six months as the Ministry of Corporate Affairs is only at the last stage of the finalising of the rules which will be notified very soon.
