New Delhi: In a significant move aimed at strengthening financial oversight and corporate governance in India, the Appointments Committee of the Cabinet (ACC) has approved the appointment of a new Chairperson and three Full-Time Members to the National Financial Reporting Authority (NFRA). These appointments will be valid for a tenure of three years or until the appointees reach the age of 65, whichever is earlier.
Nitin Gupta Appointed Chairperson of NFRA
Nitin Gupta, a retired IRS officer (Income Tax: 1986 batch) and former Chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Chairperson of NFRA. Known for his strategic tax administration expertise and regulatory leadership, Gupta’s appointment is seen as a move to bring greater depth and experience to India’s apex audit oversight body.
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Full-Time Members Appointed
Alongside Gupta, the ACC has cleared the appointment of the following as Full-Time Members of the NFRA:
Smita Jhingran, Retired IRS (IT: 1986 batch) – A seasoned tax officer with decades of experience in income tax policy, compliance, and enforcement.
P Daniel, Retired IDES (1989 batch) and former Secretary, Central Vigilance Commission (CVC) – Recognized for his integrity and contributions to anti-corruption initiatives in government services.
Sushil Kumar Jaiswal, Retired IA&AS (1993 batch) and former Director General of Audit (Central Receipt) – Brings in vast experience in government auditing and revenue analysis.
Significance of the Appointments
The appointments come at a time when corporate transparency, statutory auditing practices, and financial reporting standards are under heightened scrutiny globally. The NFRA, as the independent regulator overseeing auditing standards and auditors of large public interest entities, plays a crucial role in strengthening investor confidence and financial discipline in India’s economy.
The inclusion of officers from IRS, IA&AS, and IDES backgrounds adds a multidimensional approach to the regulatory body, combining taxation, auditing, governance, and vigilance expertise under one roof.
About NFRA
The National Financial Reporting Authority (NFRA) was constituted in 2018 under the Companies Act, 2013. It is responsible for auditing oversight, ensuring compliance with financial reporting standards, and recommending improvements in the quality of corporate disclosures.
