The National Financial Reporting Authority (NFRA), the newly set up audit profession regulator, has now made it mandatory for certain ‘body corporates’ to file with it the details of their auditor appointments by July 31. This move could require foreign subsidiaries of Indian companies and other body corporates such as LIC to submit the NFRA-1 form, said experts. However, none of the companies registered under the Companies Act, 2013, will be covered by this norm, they added.

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