Govt invites applications for NFRA chairperson, three full-time members

The government has invited applications for the posts of chairperson and three full-time members in the National Financial Reporting Authority.

The National Financial Reporting Authority (NFRA) is an independent regulatory body overseeing financial reporting and auditing standards in the country.

For chairperson, the applicants will be a person of eminence, ability, and integrity with at least 25 years of expertise in accountancy, auditing, finance, or law and for full-time members, they must have at least 20 years of experience in the same fields, according to a release.

The chairperson will receive a consolidated monthly salary of Rs 5.62 lakh without house and car or the pay and allowances are equivalent to a secretary to the government of India, as per the NFRA's (Manner of Appointment and other terms and conditions of Service of Chairperson and members) rules.

For full-time, members will have the option of drawing either a consolidated monthly salary of Rs 5 lakh or receiving pay as admissible to an additional secretary.

Those drawing a government pension will have their pay reduced by the gross pension amount.

Separate applications must be submitted for the post of Chairperson and members, the release said.

The Chairperson and all members, before being appointed, will have to submit a declaration to the government confirming that they have no conflict of interest, or lack of independence in respect of such appointment as Chairperson or member, failing which their appointment will not be considered.

The appointees cannot be associated with any audit firm, including related consultancy firms during their tenure and for two years after demitting office.

The term of office for both Chairperson and full-time members will be three years or until they attains the age of 65 years, whichever is earlier, with the possibility of re-appointment for one more term.

The applications will be submitted to the Ministry of Corporate Affairs by March 3.

Also, the search-cum-selection committee is free to identify and recommend other individuals based on merit, even if they have not applied for the post.