NFRA gets 2 new part-time members: Know who they are

The Government of India has appointed Sanjay Kallapur and R. Narayanaswamy as the part-time members of India’s independent accounting regulator, the National Financial Reporting Authority (NFRA).

A press release issued by the Ministry of Corporate Affairs (MCA) on Wednesday contained the following information: “In exercise of powers conferred under sub-Rule (6) of Rule 4 of the National Financial Reporting Authority (Manner of Appointment and other terms and conditions of service of Chairperson and Members) Rules, 2018, the Central Government hereby appoints Sanjay Kallapur and R. Narayanaswamy as Part-time Members in National Financial Reporting Authority for a period of 3 years,”

Sanjay Kallapur is an accounting professor at Indian School of Business Hyderabad. According to his profile on the ISB website, Kallapur also served on the Board of Directors of IDBI Bank on the risk management and audit committees. He previously served on the Life Insurance Corporation of India’s Board of Directors, where he was a member of the audit and risk management committees.

From 2018 to 2021, Kallapur served as an International Council Member-at-large for the American Accounting Association. He is a member of the Confederation of Indian Industry’s (CII) Corporate Reporting Consortium.

Professor R. Narayanaswamy is a former Finance and Accounting faculty member at the Indian Institute of Management Bangalore (IIMB).

According to his profile on the IIM Bangalore website, Narayanaswamy worked for the Steel Authority of India from 1980 to 1984. In 1984, he joined the Institute of Chartered Accountants of India.

From 2005 to 2011, he presided over the audit committee of Indian Railway Finance Corporation as an independent director. From 2014 to 2017, he did the same for Bank of Baroda.

Narayanaswamy has served on the Accounting Standards Board (2001-02 and 2009-10), the Auditing and Assurance Standards Board (2008-09 and 2010-11), the Institute of Chartered Accountants of India’s Committee on Accounting Standards for Local Bodies (2014-15), and the Accounting Standards Board’s National Group (2011-12). In 2013-14, he also served on the ICAI Awards for Excellence in Financial Reporting Jury.