|
The ministry of corporate affairs (MCA) has invited application to appoint the next chairperson for National Financial Reporting Authority (NFRA). In addition, the MCA has invited applications for three full-time members at the authority. The notification mandates that NFRA chief to have an experience of over 25 years in the field of accountancy, auditing, finance or law. For the full-time members, the requisite is to have experience of over 20 years in the field of accountancy, auditing, finance or law.
Further, the MCA has asked for the chairperson and full-time members to be not associated with any audit firm, including related consultancy firms, at the time of their appointment and two years after ceasing to hold such appointment. “The chairperson and all members, before being appointed, shall submit a declaration to the central government confirming that they have no conflict of interest or lack of independence in respect of such appointment as chairperson or member…” the notification said.
As per the terms, the appointment for chairperson and full time members will be for three years or till the person attains the age of 65 years, whichever is earlier. The appointees will be eligible for re-appointment for one more term.
“The chairperson shall have the option to draw either a consolidated monthly salary of Rs 5,62,500 without house and car or the pay and allowances as are admissible to a secretary to the government of India. The full time member shall have the option to draw either a consolidated monthly salary of Rs 5,00,000 without house and car or the pay and allowances as are admissible to an additional secretary,” it said.
In March 2022, the government had appointed former finance secretary Ajay Bhushan Pandey as chairman of NFRA for a period of three years.
|
