National Financial Reporting Authority (NFRA)

CURRENT CONTEXT : Nitin Gupta, former Chairman of the Central Board of Direct Taxes (CBDT), has been appointed Chairperson of NFRA by the Appointments Committee of the Cabinet on 17 July 2025.

He takes over after a vacancy following Ajay Bhushan Pandey’s tenure ending on 31 March 2025; Ravneet Kaur had been acting Chair until now.

 ABOUT NFRA

• Established: October 2018 under Section 132 of the Companies Act, 2013.
• Jurisdiction: Independent auditor and accounting watchdog under the Ministry of Corporate Affairs.
• Headquarters: New Delhi.
• Membership: 1 Chairperson + up to 15 members (3 full-time, 9 part-time, plus a Secretary).

 FUNCTIONS

• Recommend and enforce accounting and auditing standards.
• Monitor quality of audit services and punish defaulting professionals.
• Investigate misconduct by auditors; can fine or debar them for up to 10 years.

 ABOUT NITIN GUPTA

• Former Indian Revenue Service (1986 batch); Civil Engineer by training.
• Served as CBDT Chairman (2022–2024) and Director General at Competition Commission of India.
• Appointment is for three years or until he reaches age 65.