ACC Revamps NFRA Leadership with Senior Retired Officers from IRS, IDES, and IA&AS
In a major step toward bolstering financial regulation 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). The appointments will be for a term of three years or until the age of 65, whichever is earlier.
Nitin Gupta Appointed as NFRA Chairperson
Nitin Gupta, a retired 1986-batch Indian Revenue Service (IRS) officer and former Chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Chairperson of NFRA. Gupta is widely respected for his expertise in tax administration and regulatory affairs. His appointment is expected to enhance the strategic and supervisory capacity of India’s apex audit and financial reporting authority.
Three Full-Time Members Join NFRA
The ACC has also cleared the appointment of the following retired officers as Full-Time Members of the NFRA:
Smita Jhingran, retired IRS (Income Tax, 1986 batch)
An experienced tax officer, Jhingran has an extensive background in policy formulation, compliance, and income tax enforcement.
P. Daniel, retired Indian Defence Estates Service (IDES, 1989 batch) and former Secretary, Central Vigilance Commission (CVC)
Known for his integrity and strong anti-corruption credentials, Daniel brings governance and vigilance experience to the table.
Sushil Kumar Jaiswal, retired Indian Audit and Accounts Service (IA&AS, 1993 batch) and former Director General of Audit (Central Receipt)
Jaiswal brings deep expertise in public sector auditing, financial oversight, and revenue analysis.
Strategic Significance of the Appointments
These appointments come amid a global push for greater accountability in financial reporting and audit standards. As the independent regulatory body overseeing statutory auditors and auditing standards for large public interest entities, NFRA plays a pivotal role in maintaining financial discipline and investor trust in India’s corporate ecosystem.
The new appointees, with their diverse experience in taxation, auditing, and vigilance, are expected to bring a multi-dimensional approach to the authority’s regulatory functions.
About NFRA
The National Financial Reporting Authority (NFRA) was established in 2018 under the Companies Act, 2013, to serve as an independent regulator for auditing and accounting standards in India. It is tasked with ensuring compliance with financial reporting norms, overseeing the work of auditors, and recommending improvements to enhance the quality and reliability of corporate disclosures.
