NFRA Appoints Former Finance Secretary Ajay Bhushan Pandey as New Chairperson

The NaMo administration named Ajay Bhushan Pandey (Retd IAS:1984:MH) as the new Chairperson of the National Financial Reporting Authority (NFRA) on Wednesday, filling a vacancy. The extra duty is currently held by Ashok Kumar Gupta, Chairperson of the Competition Commission of India (CCI).

In addition, Praveen Kumar Tiwari (Retd IA&AS:1985) and Ms Smita Jhingrana (IRS IT) were appointed as Full-time members of the NFRA.

Tiwari just departed as Deputy Comptroller and Auditor General (Dy CAG), whereas Ms Jhingran is the Director General of Human Resources (DGHR) at the Central Board of Direct Taxes (CBDT).

The Chairperson and full-time members have been appointed for a three-year term or until the age of 65, whichever comes first.

It should be noted that the Union Cabinet approved the establishment of the NFRA on March 2, 2018, with provisions for a Chairperson, three full-time Members, and one Secretary.

The NFRA is an independent regulator for the auditing profession, and it is one of the major reforms brought about by the Companies Act of 2013. The provision was included in the Act based on specific suggestions from the Standing Committee on Finance (in its 21st report).