Ministry of Corporate Affairs is inviting applications from Indian nationals for the positions of Chairperson and three full-time Members in the National Financial Reporting Authority (NFRA). The NFRA headquarters is in New Delhi, though meetings may be held elsewhere in India. As per the NFRA Rules, 2018, the Chairperson must have at least 25 years of experience, while Members must have a minimum of 20 years in accountancy, auditing, finance, or law. The Chairperson can opt for a consolidated monthly salary of ₹5,62,500 or pay equivalent to a Secretary to the Government of India. Members may choose a monthly salary of ₹5,00,000 or the pay scale of an Additional Secretary. Pensioners from central or state government will receive reduced pay based on their pension. Before appointment, candidates must declare no conflict of interest and cannot associate with audit or consultancy firms during their tenure and for two years post-service. The term for these positions is three years or until the age of 65, whichever is earlier, with a possibility of one reappointment. Applications, in the prescribed format, must be submitted to the Ministry of Corporate Affairs by March 21, 2025. Separate applications are required for Chairperson and Member roles. The Search-cum-Selection Committee reserves the right to consider candidates who have not formally applied.
National Financial Reporting Authority
INVITING APPLICATIONS FOR FILLING UP OF THE POST OF CHAIRPERSON AND THREE FULL TIME MEMBERS IN THE NATIONAL FINANCIAL REPORTING AUTHORITY (NFRA)
Applications are invited from Indian Nationals in the format given in Annexure – I for the post of Chairperson and in the format given in Annexure – II for the post of full time Members in the National Financial Reporting Authority (NFRA).
2. The head office of the NFRA shall be at New Delhi and the NFRA may, meet at such other placed in India as it deems fit.
3. Qualifications: As per the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, the Chairperson, NFRA shall be a person of eminence, ability, integrity and standing and having expertise and experience of not less than twenty-five years in the field of accountancy, auditing, finance or law. A full-time Member shall be a person of ability, integrity and standing and having expertise and experience of not less than twenty years in the field of accountancy, auditing, finance or law.
4. The Chairperson shall have the option to draw either a consolidated monthly salary of Five Lakh Sixty Two Thousand and Five Hundred rupees without house and car or the pay and allowances as are admissible to a Secretary to the Government of India and every full time Member shall have the option to draw either a consolidated monthly salary of Five Lakh rupees without house and car or the pay and allowances as are admissible to an Additional Secretary to the Government of India:
Provided that where the Chairperson exercises the option to receive pay as admissible to a Secretary to the Government of India or a full time Member exercises the option to receive pay as admissible to an Additional Secretary to the Government of India and is in receipt of monthly pension from either the Central Government or a State Government, the pay of such Chairperson or Member, as the case may be, shall be reduced by the gross amount of pension drawn by him.
5. The Chairperson and all Members, before being appointed, shall submit a declaration to the Central Government confirming that they have no conflict of interest or lack of independence in respect of such appointment as Chairperson or Member in Form I annexed to the relevant rules, failing which their appointment shall not be considered.
6. The Chairperson and full-time Members shall not be associated with any audit firm including related consultancy firms during their appointment and two years after ceasing to hold such appointment.
7. Tenure: The term of office of the Chairperson and a full time Member shall be three years from the date on which he enters upon his office or till he attains the age of sixty-five years, whichever is earlier, and he shall be eligible for re-appointment for one more term.
8. The application form may be downloaded from Ministry’s website (www.mca.gov.in).
9. Applications in the prescribed format, duly completed in all respect should reach to Shri Hemant Kumar, Under Secretary, Ministry of Corporate Affairs, Room No. 526, ‘N Wing, 5th Floor, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi 110 001 latest by 3rd March, 2025 (5:30P.M.). The last date of receipt of applications has been extended from 3gd March, 2025 to 210 March, 2025 (5:30 P.M.).
10. Separate applications must be submitted for the post of Chairperson and Member.
11. It may be noted that the Search-cum-Selection Committee is free to identify and recommend any other person also, based on merit, who has not applied for the post.
