Nitin Gupta takes Helm at National Financial Reporting Authority

Nitin Gupta, a retired IRS officer, has been appointed as the Chairperson of the National Financial Reporting Authority (NFRA) by the Appointments Committee of the Cabinet.

Gupta, who previously led the CBDT, will serve a three-year term or until age 65.

The NFRA, established in 2018, regulates auditing standards for listed and large unlisted companies in India.

New Delhi [India], July 17 (ANI): The Appointments Committee of the Cabinet has approved the appointment of Nitin Gupta, a retired Indian Revenue Service (IRS) officer, as the Chairperson of the National Financial Reporting Authority (NFRA), according to an official notification issued on Thursday. Gupta, who belongs to the 1986 batch of the Indian Revenue Service (Income Tax), previously served as Chairperson of the Central Board of Direct Taxes (CBDT) before superannuation.

His term at NFRA will be for a period of three years or until he attains the age of 65, whichever is earlier. The NFRA, established in 2018, is India's independent regulator for the auditing profession. India. It oversees auditors of listed entities and large unlisted companies, ensuring high-quality auditing standards and strengthening public confidence in financial reporting. The Central Board of Revenue, the predecessor of the CBDT and CBEC, was originally established under the Central Board of Revenue Act, 1924, and was responsible for administering both direct and indirect taxes.

The bifurcation into CBDT and CBEC (now CBIC) was effected on January 1, 1964, under the Central Boards of Revenue Act, 1963. Meanwhile, in addition to Gupta's appointment, the government has named three others as full-time members of the NFRA.

These include Ms. Smita Jhingran, a retired IRS officer from the 1986 batch; P. Daniel, a retired Indian Defence Estates Service (IDES) officer from the 1989 batch; and Sushil Kumar Jaiswal, a retired Indian Audit and Accounts Service (IA&AS) officer of the 1993 batch and former Director General of Audit (Central Receipt) in the office of the Comptroller and Auditor General (CAG). (ANI)