New NFRA chief Nitin Gupta brings experience of policy and Investigations

Nitin Gupta, the new chief of the National Financial Reporting Authority (NFRA), brings years of experience in policy-making and investigations, particularly in tackling complex financial issues

The new chief of the National Financial Reporting Authority (NFRA), Nitin Gupta, a 1986-batch officer of the Indian Revenue Service, is no stranger to dealing with complex issues, ranging from policy-making to investigations.

 

Gupta, who served as the Chairman of the Central Board of Direct Taxes (CBDT) from June 27, 2022, to June 30, 2024, oversaw efforts to expand the department’s digital oversight, particularly through e-verification during his two-year tenure. “A lot of groundwork was done on e-verification during his tenure, with emphasis on using data to flag mismatches and reduce manual checks,” a senior bureaucrat said.

 

The e-Verification Scheme, notified in 2021, was operationalised under Gupta. In March 2023, around 68,000 high-value returns were flagged for mismatches, leading to tax recovery of over Rs 1,250 crore.

 

Gupta will be leading NFRA at a time when it is investigating high-profile matters such as the review of the books of Gensol Engineering, related to allegations of fund diversion by its promoters. It is also assessing whether an investigation is required into discrepancies in the account balances of IndusInd Bank.

 

“He is a no-nonsense officer with clear thinking,” said a senior officer who worked closely with Gupta during his time as CBDT Chairman. “He is strict but fair, and very sharp with data. He doesn’t waste time—he quickly understands complex issues and takes decisions without delay. Whether it was big raids or new digital systems, he always gave clear instructions and kept things under control," he added.

 

Another official noted that there was a significant push in high-impact investigations during Gupta’s tenure as CBDT Chairman. Officials who worked with him highlighted several high-profile searches undertaken during this time, including the record Rs 450 crore cash seizure linked to Congress MP Dhiraj Sahu, and search operations on Lux Industries and Lenovo India.

 

“There was a clear shift toward using data analytics and real-time intelligence to track tax evasion. Under his leadership, the emphasis was not just on scale but on precision and accountability in enforcement,” the official said.

 

A civil engineer from Malaviya Regional Engineering College, Jaipur, Gupta had overseen a major policy shift with the 2023 Budget, which revamped the new tax regime by reducing slabs, enhancing rebates, and lowering surcharge rates to make compliance easier and cleaner.

 

Gupta also worked as Director-General in the Competition Commission of India, New Delhi, for more than three years.

 

As he prepares to take office at NFRA, Gupta will also be looking into the proposed adoption of revised auditing standards, aligned with global practices, by the Ministry of Corporate Affairs (MCA), despite some opposition from the Institute of Chartered Accountants of India.

 

Following NFRA’s recommendations, the MCA must approve and notify the new standards. NFRA has recommended that the revised norms be made effective from 1 April 2026, subject to government approval.