Nitin Gupta Appointed Chairperson of National Financial Reporting Authority

The Appointments Committee of the Cabinet has officially appointed Nitin Gupta, a retired Indian Revenue Service officer, as the Chairperson of the National Financial Reporting Authority (NFRA). The announcement, made on Thursday, confirms Gupta's tenure for a period of three years or until the age of 65, as per the official notification. Gupta, who belongs to the 1986 batch of the IRS (Income Tax), previously held the position of Chairperson at the Central Board of Direct Taxes before reaching superannuation.

The NFRA, established in 2018, plays a pivotal role as India's independent audit regulator. It monitors auditors of both listed entities and substantial unlisted companies, with a mission to uphold superior auditing standards and fortify public trust in financial disclosures. The Central Board of Revenue, the historical predecessor to both the CBDT and CBIC, was formed under the Central Board of Revenue Act in 1924, taking charge of direct and indirect tax administration. The subsequent split into CBDT and CBIC occurred on January 1, 1964, following the Central Boards of Revenue Act, 1963.

In addition to Gupta's appointment, the government has named three individuals as full-time members of the NFRA. These appointees include Ms. Smita Jhingran, a retired IRS officer of the 1986 batch, P. Daniel, a retired Indian Defence Estates Service officer from the 1989 cohort, and Sushil Kumar Jaiswal, a former Indian Audit and Accounts Service officer and ex-Director General of Audit (Central Receipt), from the 1993 batch. All appointments signal a strengthened governance structure aiming at enhanced financial reporting oversight in India. (ANI)

(With inputs from agencies.)