National Financial Reporting Authority

Consider the following statements regarding the National Financial Reporting Authority (NFRA):

  1. The National Financial Reporting Authority (NFRA) was constituted in October, 2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.
  2. The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members.

Choose the correct answer from the codes given below:

A
Only 1
B
Only 2
C
Both 1 and 2
D
Neither 1 nor 2