Banking and insurance companies are exempted from certain financial disclosures under the Companies Act, 2013.

Section 129 (1) of Companies Act, 2013 states that the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section 133 and shall be in the form or forms as may be provided for different class or classes of companies in Schedule III. The proviso to aforesaid section provides that nothing contained in Section 129(1) of Companies Act, 2013 shall apply to any insurance or banking company. Further exemption has been granted to banking and insurance companies by providing that the financial statements shall not be treated as not disclosing a true and fair view of the state of affairs of the company, merely by reason of the fact that they do not disclose: in the case of an insurance company, any matters which are not required to be disclosed by the Insurance Act, 1938, or the Insurance Regulatory and Development Authority Act, 1999; in the case of a banking company, any matters which are not required to be disclosed by the Banking Regulation Act, 1949;