The Central Government has appointed Ms. Smita Jhingran as the full-time member of the National Financial Reporting Authority (NFRA).
A notification issued by the Ministry of Corporate Affairs (MCA) today stated that “In exercise of the powers conferred by sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints Ms. Smita Jhingran as the full time member of the National Financial Reporting Authority for a period of three years with effect from the 19th April, 2022 (forenoon) i.e. the date on which she entered upon her office, or till she attains the age of sixty-five years, whichever is earlier.”
“The terms and conditions of service of the full time member, National Financial Reporting Authority shall be governed by the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018,” the notification said.
In another notification, the MCA further appointed Shri S.V. Murali Dhar Rao, Executive Director, Securities and Exchange Board of India as a part-time member of the NFRA.
The notification stated that “In the National Financial Reporting Authority appointment of Part-time members, Rules, 2022, in rule (2), for serial number (4) and entries relating thereto, the following shall be substituted, namely:— “(4) Shri S.V. Murali Dhar Rao, Executive Director, Securities and Exchange Board of India”.”
NFRA is an independent regulator to oversee the auditing profession and accounting standards in India under the Companies Act, 2013. Section 132 of Companies Act, 2013 which deals with provisions relating to NFRA. It came into existence in October 2018 and having its offices at New Delhi.
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