The Government of India has appointed Ajay Bhushan Pandey as chairman of NFRA for three years. The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ex-Revenue secretory as the head of NFRA for three years from the date of assumption of charge or till the holder attains the age of 65 years.

Prior to becoming revenue secretary, the officer was posted as the Chief Executive of the Unique Identification Authority of India(UIDAI) . After retirement, he headed a committee to revisit the process for determining the Economically Weaker Section to provide them reservation.

The Government has also appointed former Deputy Comptroller and Auditor General, Praveen Kumar Tiwari, Ex-Indian Audit and Accounts Service officer of 1985 batch, and also Smita Jhingran (IRS 1986), Principle Director General at Central Board of Direct Taxes, as full-time members of NFRA.

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The NFRA acts as an independent regulator for the auditing profession. NFRA has powers to review the financial statements of companies etc. The setting up of NFRA, envisaged under the Companies Act, 2013, was approved by the Cabinet in May 2018