The Ministry of Corporate Affairs (MCA) has recently issued Notification No. G.S.R. 577(E), amending the National Financial Reporting Authority (NFRA) (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018. This amendment brings notable changes to the remuneration structure for the Chairperson and full-time members of the NFRA.
The NFRA is essential for improving the quality of financial reporting and auditing standards in India. By updating the terms of appointment and compensation for its leadership, the government seeks to attract qualified professionals to these critical roles, thereby enhancing governance and accountability in the financial sector.
The new rules will take effect from the date of their publication in the Official Gazette.
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