Government Revises Part-Time Appointments to NFRA

The Central Government, exercising powers under Section 132(3) of the Companies Act, 2013, has notified the National Financial Reporting Authority Appointment of Part-time Members (Amendment) Rules, 2025, with effect from their publication in the Official Gazette on 13 January 2026. Through this amendment, the Ministry of Corporate Affairs has revised Rule 2 of the National Financial Reporting Authority Appointment of Part-time Members Rules, 2022 by substituting the existing list of part-time members with a new set of senior officials drawn from key financial and regulatory institutions. The revised composition includes a Joint Secretary from the Ministry of Corporate Affairs, the Deputy Comptroller and Auditor General of India, the Chief Financial Officer of the Reserve Bank of India, and an Executive Director of the Securities and Exchange Board of India. The notification clarifies that these changes replace earlier entries and form part of a series of amendments issued since 2022, thereby updating the institutional representation within the National Financial Reporting Authority to reflect current administrative arrangements.

MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 13th January, 2026

G.S.R. 42(E).— In exercise of the powers conferred by sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the National Financial Reporting Authority appointment of Part-time members, Rules, 2022, namely:—

1. (1) These rules may be called the National Financial Reporting Authority appointment of Part-time members (Amendment) Rules, 2025.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the National Financial Reporting Authority appointment of Part-time members, Rules, 2022, in rule 2, for serial numbers (1), (2), (3) and (4) and the entries relating thereto, the following serial numbers and entries shall be substituted, namely:-

“(1) Shri Balamurugan D, Joint Secretary, Ministry of Corporate Affairs;

2. Shri Anand Mohan Bajaj, Deputy Comptroller and Auditor General of India;

3. Sudha Balakrishnan, Chief Financial Officer, Reserve Bank of India;

4. Shri Jeevan Sonparote, Executive Director, Securities and Exchange Board of India.”

[F. No. NFRA-05/6/2018-NFRA-MCA]
SANTANU MITRA, Senior Economic Adviser

Note: The National Financial Reporting Authority appointment of Part-time members, Rules, 2022 were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 220 (E), dated the 23^rd March, 2022, subsequently amended vide notification number G.S.R 400(E), dated the 25^th May, 2022; G.S.R 602(E), dated the 22^nd July, 2022 and last amended vide notification number G.S.R. 496(E), dated the 13^th August, 2024.