Nitin Gupta Assumes Charge as NFRA Chairperson, New FTM Appointments Made

In a significant development aimed at further strengthening India’s financial regulatory landscape, Shri Nitin Gupta, IRS (Retd.), has officially taken charge as the Chairperson of the National Financial Reporting Authority (NFRA) on 23rd July 2025. This appointment comes at a crucial time when India’s corporate financial reporting, audit oversight, and investor protection ecosystem continue to evolve in response to global and domestic challenges.

Joining him in the leadership of NFRA are three newly appointed Full-Time Members (FTMs)—Ms. Smita Jhingran, Shri P. Daniel, and Shri Sushil Kumar Jaiswal—all distinguished former civil servants with exemplary records in public finance, audit, governance, and vigilance administration.

A formal swearing-in ceremony was held at the Ministry of Corporate Affairs, where the Secretary, MCA, administered the Oaths of Office and Secrecy to the Chairperson and FTMs.

Shri Nitin Gupta: Bringing Transformational Experience from CBDT

A 1986-batch officer of the Indian Revenue Service (Income Tax), Shri Nitin Gupta previously served as Chairman of the Central Board of Direct Taxes (CBDT) from June 2022 to June 2024. During his tenure, he championed transformative initiatives across India’s direct tax regime, many of which serve as foundational reforms for today’s modern tax administration.

Notable achievements during his leadership at CBDT include:

• Implementation of AI and big data analytics in tax monitoring and enforcement.

• Faceless assessment schemes, ensuring transparency and minimizing harassment.

• Streamlining taxpayer services through digitization and simplified processes.

• A historic rise in direct tax-to-GDP ratio, reflecting improved compliance and administration.

• Sustained year-on-year growth in tax revenue, achieved through a mix of facilitative and enforcement mechanisms.

His experience is expected to bring a technology-driven, systems-oriented, and taxpayer-focused perspective to NFRA’s regulatory architecture.

New Full-Time Members Bring Depth and Diversity to NFRA

Ms. Smita Jhingran, IRS (IT:86) (Retd)

Having already served as a Full-Time Member at NFRA, Ms. Jhingran brings deep institutional memory and policy insight. Her contributions during her earlier tenure include:

• Aligning India’s auditing and accounting standards with global best practices.

• Pushing for enhanced corporate governance and disclosure norms.

• Prior to NFRA, she served as Secretary, Competition Commission of India (CCI) and held senior Income Tax Department positions.

With her renewed role, Ms. Jhingran is expected to continue her work on promoting transparency, audit quality, and corporate ethics.

Shri P. Daniel, IDES (1989) (Retd)

A distinguished former Secretary to the Central Vigilance Commission (CVC), Shri Daniel’s portfolio revolved around:

• National campaigns on vigilance awareness and preventive vigilance.

• Reforms in Public Sector Units (PSUs) and central ministries to curb corruption.

• Transitioning governance models from punitive to preventive frameworks.

Before his stint at CVC, he played transformative roles at the Directorate General of Defence Estates (DGDE), especially in digitization of land records and defense estate management. His inclusion brings critical focus on governance frameworks and systemic safeguards in corporate financial reporting.

Shri Sushil Kumar Jaiswal, IA&AS (1993) (Retd)

An auditing veteran, Shri Jaiswal served as Director General of Audit (Central Receipts), overseeing audit functions of tax and revenue departments and acting as appellate authority in audit matters. His career highlights include:

• Enhancing audit methodologies and risk-based audit systems.

• Supervising external audits of key United Nations agencies such as:

  • World Food Programme (WFP)

  • United Nations Office for Project Services (UNOPS)

  • Food and Agriculture Organization (FAO)

  • International Trade Centre (ITC)

  • United Nations Compensation Commission (UNCC)

He also managed internal audits of UN Peacekeeping Missions in the Middle East and West Africa. His global experience will bring international benchmarking and high-quality audit scrutiny to NFRA’s oversight.

NFRA: Upholding Audit Integrity and Investor Trust

The National Financial Reporting Authority is India’s premier regulator for accounting and auditing standards of listed and large unlisted companies. Established under Section 132 of the Companies Act, 2013, its mandate includes:

• Monitoring and enforcing compliance with auditing and accounting standards.

• Investigation and disciplinary action against auditors for professional misconduct.

• Enhancing audit quality and independence, thereby safeguarding investor interests.

With this refreshed leadership team, NFRA is set to ramp up its oversight capabilities, integrate tech-enabled monitoring mechanisms, and establish robust enforcement actions against audit failures and corporate malpractices.

A New Era of Audit Oversight and Financial Governance

The appointments of Shri Nitin Gupta and his fellow Full-Time Members mark a significant step forward in strengthening NFRA’s institutional capacity to protect investor interests, uphold audit integrity, and contribute to corporate governance reforms. Their combined expertise in tax administration, vigilance, regulatory reform, and international audit systems promises a more resilient, transparent, and credible financial reporting ecosystem for India.