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Date: 06-Sep-2024 Category: Extra Ordinary State: Union Government Country: India

National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2024.

Issued by Ministry of Corporate Affairs · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • This gazette notification announces an amendment to the National Financial Reporting Authority (NFRA) (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018. The amendment increases the remuneration for the Chairperson and Members of the NFRA.

Key Changes

  • The amendment increases the salary of the Chairperson and Members of the NFRA. Specifically:
  • The phrase "four lakh fifty thousand rupees" is replaced with "five lakh sixty two thousand five hundred rupees" in Rule 11(1).
  • The phrase "four lakh rupees" is replaced with "five lakh rupees" in Rule 11(1).

Impact Analysis

Impact on NFRA Chairperson and Members

  • Potential impact on the NFRA's budget. The increased salaries will require additional funding.

Impact on the Government

  • Potential need for adjustments to the overall budget allocation for the Ministry of Corporate Affairs.

Impact on the Corporate Sector

  • Indirect impact through the NFRA's oversight of financial reporting. Improved compensation might lead to more effective regulation and enforcement.

Suggested Action Items

  • A review should be conducted to assess the effectiveness of the salary increase in attracting and retaining qualified candidates.

Key Entities Referenced

National Financial Reporting Authority (NFRA): The independent regulator for accounting and auditing standards in India. Ministry of Corporate Affairs: The Indian government ministry responsible for corporate regulation. Companies Act, 2013: The primary legislation governing companies in India, which grants the Central Government the power to make these rules. National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018: The rules governing the appointment and compensation of the NFRA's Chairperson and Members, amended by this notification. G.S.R. 543(E): The number assigned to this specific gazette notification. G.S.R. 262(E) (dated 21st March, 2018) and G.S.R. 165(E) (dated 28th February, 2022): Previous Gazette notifications related to the NFRA rules, which this notification amends.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-06092024-256959 CG-DxLx-xEG-I0D6H0x9x2x0 24-256959 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 501] नई दिल्ली िुक्रिार, जसतम्ब र 6, 2024/भाद्र 15, 1946 No. 501] NEW DELHI, FRIDAY, SEPTEMBER 6, 2024/BHADRA 15, 1946 कारपोरेट कार् य मत्रं ालर् अजधसचू ना नई दिल्ली, 6 जसतम्ब र, 2024 सा.का.जन. 543(अ)— केंद्रीर् सरकार, कंपनी अजधजनर्म, 2013 (2013 का 18) की धारा 132 की उपधारा (3) द्वारा प्रित्त िजिर्ों का प्रर्ोग करत े हुए, राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों का िेतन, भत्ते तथा सेिा की अन्र् ितों और जनबंधन) जनर्म, 2018 म ेंऔर संिोधन करने के जलए जनम्नजलजखत जनर्म बनाती है, अथायत:् - 1. (1) इन जनर्मों का संजक्षप्त नाम राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों की जनर्ुजि की रीजत और सेिा की अन्र् जनबंधन और ित)ें संिोधन जनर्म, 2024 ह।ै (2) र् ेरािपत्र में उनके प्रकािन की तारीख को प्रिृत्त होंगे। 2. राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों का िेतन, भत्ते तथा सेिा की अन्र् ितों और जनबंधन) जनर्म, 2018 म,ें जनर्म 11 के उप जनर्म (1) म,ें "चार लाख पचास हिार रुपर्"े , िब्िों के स्ट्थान पर "पांच लाख बासठ हिार पांच सौ रुपर्"े िब्ि; और "चार लाख रुपर्े", िब्िों के स्ट्थान पर "पांच लाख रुपर्"े िब्ि क्रमिः रख े िाएंगे। [फा. सं. एनएफआरए-01/2/2021-कॉम्प-एमसीए (भाग-1)] इन्द्रिीप ससंह धारीिाल, संर्ुि सजचि रटप्पण: मूल अजधसूचना, भारत के रािपत्र, असाधारण, भाग 2, खंड 3, उपखंड (i) में संसंख्र्ा सा.का.जन. 262(अ) द्वारा तारीख 21 माचय, 2018 को प्रकाजित की गई थी और संसंख्र्ा सा.का.जन. 165(अ) द्वारा तारीख 28 फरिरी, 2022 को अंजतम बार संिोजधत की गई। 5716 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 6th September, 2024 G.S.R. 543(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 (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, namely:– 1. (1) These rules may be called the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, in sub rule (1) of rule 11, for the words "four lakh fifty thousand rupees", the words "five lakh sixty two thousand five hundred rupees"; and for the words "four lakh rupees", the words "five lakh rupees" shall be substituted, respectively. [F. No. NFRA-01/2/2021-Comp-MCA (Part-1)] INDERDEEP SINGH DHARIWAL, Jt. Secy. Note: The principal notification was published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section (i) vide number G.S.R. 262(E), dated 21st March, 2018 and last amended vide G.S.R. 165(E), dated 28th February, 2022. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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