Dear Abhay, please review the following from Factories Rules:
Material Safety Data Sheet Requirements
The occupier, while obtaining or developing a Material Safety Data Sheet in respect of a hazardous substance, shall ensure that the information recorded accurately reflects the scientific evidence used in making the hazard determination. If he becomes newly aware of any significant information regarding the hazards of a substance, or ways to protect against the hazards, this new information shall be added to the Material Safety Data Sheet as soon as practicable.
According to my understanding, no renewal frequency is fixed as per the Factories Act. You will need to verify whether any other acts have such provisions.
Regards,
Dipil Kumar V