Nitin Gupta Appointed Chairperson of National Financial Reporting Authority

The Appointment Committee of the Cabinet, Government of India, has approved the appointment of Nitin Gupta as the Chairperson of the National Financial Reporting Authority (NFRA).Nitin Gupta will replace Ravneet Kaur, the acting chairperson of NFRA.

Nitin Gupta is the first full-time Chairperson of the NFRA after Ajay Bhushan Pandey, whose term ended on 31 March 2025.

The central government has also appointed three full-time members of the NFRA.

Term of Nitin Gupta as Chairperson 

• Nitin Gupta has been appointed the Chairperson of the NFRA for a period of three years or until the age of 65 years, whichever is earlier.

About Nitin Gupta 

Nitin Gupta is a 1986 batch (Retd.) Indian Revenue Service (IRS) officer. 

He is a civil engineer and was appointed as the chairperson of the Central Board of Direct Taxes in June 2022.

For over three years, he served as Director General at the Competition Commission of India, New Delhi.

New Full-time members of the NFRA 

The government has appointed three new full-time members of the NFRA.

• IRS officer Smita Jhingran,
• Indian Defence Estates Service officer (Retd.) P Daniels, and 
• Indian Audit and Accounts Service officer (Retd) Sushil Kumar Jaiswal 

About the NFRA

The National Financial Reporting Authority (NFRA) is a statutory body established under Section 132 of the Companies Act, 2013.

Established - 1st October,2018.

It comes under the Union Ministry of Corporate Affairs.

Members of NFRA 

• It has a Chairperson and a maximum of 15 members, including the Chairperson.
• It has three full-time members and 9 part-time members 
• It also has a Secretary.

Function of the NFRA 

• It is an independent watchdog for auditing and accounting standards in the country.
• It makes recommendations to the Ministry of Corporate Affairs on the foundation and laying down of accounting and auditing policies and standards;
• It monitors and enforces the compliance of the accounting standards and auditing standards in the  companies :
• It also oversees the quality of service of the  auditors, et,c and suggests measures required for improvement in the quality of service.
• It investigates the matters of professional or other misconduct committed by a Chartered Accountant firm or a Chartered Accountant.
• It has the same powers as a Civil Court under the Code of Criminal Procedure, 1908, in respect of certain cases.
• It can punish professional auditors in case of misconduct.Headquarters: New Delhi