Dear Abhay
Please go through the below from Factories Rules:
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 factories act. You have to check it wether any other acts having such provisions.
Regards,
Dipil Kumar V