Date: 2022-02-28Category: Extra OrdinaryState: Union GovernmentCountry: India
The National Financial Reporting Authority (Manner of Appointment and Other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022
Okay, I will analyze the provided policy text and generate a report according to the specified structure, focusing on the details provided within the document.
**Report: Analysis of Amendment to the National Financial Reporting Authority Rules, 2018**
**1. Executive Summary:**
This report analyzes 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, enacted on February 28, 2022, primarily focuses on revising the salary, allowances, and terms of service for the Chairperson and full-time members of the NFRA. The key findings relate to changes in compensation options, house rent allowance eligibility, and transport allowance provisions, aiming to clarify and potentially adjust the remuneration structure for these key positions.
**2. Introduction:**
This report provides an informative overview and analysis of the amendment to the National Financial Reporting Authority (NFRA) Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members Rules, 2018, based solely on the provided policy text. The purpose is to outline the key changes introduced by this amendment and their potential impact.
**3. Policy Overview:**
* **Original Policy Being Amended:** The National Financial Reporting Authority Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members Rules, 2018.
* **Core Objective(s) (Inferred from Text):** The original policy likely aimed to establish the terms and conditions of service, including appointment, salary, and allowances, for the Chairperson and members of the NFRA. The *amendment* aims to *revise* certain aspects of these terms, specifically regarding remuneration and benefits.
**4. Background and Rationale:**
* **Rationale for the Amendment:** The amendment likely seeks to address potential issues or inconsistencies within the original rules concerning the compensation and benefits structure for the NFRA Chairperson and members. The changes could be driven by factors such as attracting qualified individuals, aligning compensation with similar government positions, or addressing unforeseen circumstances related to pension and prior employment. The specific focus on salary options, HRA, and transport allowance suggests a need to clarify or adjust these aspects of the initial framework.
**5. Key Provisions / Changes:**
The amendment introduces the following key changes:
* **Rule 11 (Salary and Allowances):**
* **Original Rule:** The original rule 11 is being *replaced* entirely.
* **New Rule:**
* The Chairperson now has the option to draw a consolidated monthly salary of INR 450,000 (without house and car) OR the pay and allowances admissible to a Secretary to the Government of India.
* Full-time members have the option to draw a consolidated monthly salary of INR 400,000 (without house and car) OR the pay and allowances admissible to an Additional Secretary to the Government of India.
* If the Chairperson/member opts for pay as Secretary/Additional Secretary and receives a pension from the Central/State Government, their pay will be reduced by the gross pension amount.
* For appointments based on the advertisement issued on 12th July, 2021, where a full time member exercises the option to receive pay as admissible to an Additional Secretary to the Government of India and was in receipt of pay and allowances as are admissible to a Secretary to the Government of India prior to his or her superannuation on joining as full time member, National Financial Reporting Authority, then the same shall be fixed at the level of pay which he or she was drawing at the time of demitting his or her previous employment, subject to a limit of Rs. 2,25,000 per month.
* **Effect of Change:** This provides greater flexibility in compensation, allowing individuals to choose between a fixed consolidated salary or a pay structure aligned with government standards. The pension reduction clause aims to prevent double compensation. The advertisement clause allows for specific pay for members who previously had higher pay grade.
* **Rule 15 (House Rent Allowance):**
* **Original Rule:** The original rule 15 is being *replaced* entirely.
* **New Rule:**
* The Chairperson/member opting for pay and allowances as Secretary/Additional Secretary is entitled to HRA at the rate admissible to a Central Government officer holding a Group A post with the same pay.
* No HRA if the Chairperson/member occupies a General Pool Residential Accommodation.
* HRA provisions *do not* apply to those opting for a consolidated salary.
* **Effect of Change:** Clarifies the HRA eligibility based on the chosen compensation structure, preventing those with consolidated salaries from receiving HRA and setting rules for those occupying government accommodations.
* **Rule 16 (Transport Allowance):**
* **Original Rule:** The original rule 16 is being *replaced* entirely.
* **New Rule:**
* The Chairperson/member opting for pay and allowances as Secretary/Additional Secretary is entitled to a staff car for official and private purposes, consistent with Central Government Group A officer rules.
* Transport allowance provisions *do not* apply to those opting for a consolidated salary.
* **Effect of Change:** Clarifies transport allowance eligibility based on the chosen compensation structure.
* **Rule 18:**
* **Original Rule:** Subrule 1 is being *replaced*.
* **New Rule:**
* The terms and conditions of service of a chairperson or a full time member who has opted for pay and allowances as are admissible to a Secretary or an Additional Secretary to the Government of India, as the case maybe, with respect to which no express provision has been made under these rules, shall be such as are applicable to a Central Government officer holding a Group A post carrying the same pay.
* **Effect of Change:** This ensures that any unaddressed aspects of service conditions are aligned with those of comparable Central Government officers.
**6. Target Audience and Stakeholders:**
The primary target audience includes:
* The Chairperson of the NFRA.
* Full-time members of the NFRA.
* Ministry of Corporate Affairs
* Potentially, candidates being considered for these positions.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Central Government, specifically the Ministry of Corporate Affairs, is responsible for implementing and overseeing these changes.
* **Timelines/Procedures:** The amendment came into force on the date of its publication in the Official Gazette (February 28, 2022). Implementation would likely involve revising payroll processes and benefits administration for the affected individuals.
* **Specifically for the changes:** Current Chairperson and members will need to elect for revised pay structures.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes are:
* **Attracting Qualified Candidates:** More competitive and flexible compensation packages may attract highly qualified individuals to serve as Chairperson and members of the NFRA.
* **Clarity and Consistency:** The amendments clarify the eligibility criteria for various allowances and benefits, reducing potential ambiguity and ensuring consistent application of the rules.
* **Alignment with Government Standards:** Aligning compensation and benefits with those of equivalent government positions promotes fairness and comparability.
* **Efficient Administration:** Streamlining the compensation structure may simplify administrative processes related to payroll and benefits.
**9. Conclusion:**
The amendment to the NFRA Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members Rules, 2018, represents a significant update to the compensation and benefits framework for key NFRA positions. By providing flexible salary options, clarifying allowance eligibility, and aligning service conditions with government standards, the amendment is expected to enhance the attractiveness of these roles, promote clarity and consistency in administration, and ultimately contribute to the effective functioning of the NFRA. These revisions will impact the remuneration of the Chairperson and members of the NFRA.
Key Entities Referenced
Companies Act, 2013: A law, specifically subsection 3 of section 132, that confers powers to the Central Government.
National Financial Reporting Authority Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members Rules, 2018: Rules that are being amended by this notification.
National Financial Reporting Authority Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members Amendment Rules, 2022: The new rules amending the 2018 rules, as per this notification.
Secretary to the Government of India: A high-ranking position in the Indian government, used as a benchmark for salary and allowances.
Additional Secretary to the Government of India: A high-ranking position in the Indian government, used as a benchmark for salary and allowances.
Central Government: The government of India.
State Government: A government of a state within India.
New Delhi: The location where the notification was issued.
Ministry of Corporate Affairs: The ministry that issued the notification.
K.V. R. Murty: The Joint Secretary who signed the notification.
General Pool Residential Accommodation: Government provided housing.
Delhi: Location of the Controller of Publications.
Government of India Press, Ring Road, Mayapuri, New Delhi110064: The printing location
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-28022022-233770
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CG-DL-E-28022022-233770
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 162] नई दिल्ली, सोमवार, फरवरी 28, 2022/फाल्ग नु 9, 1943
No. 162] NEW DELHI, MONDAY, FEBRUARY 28, 2022/PHALGUNA 9, 1943
कारपोरेट कार् यमत्रं ालर्
अजधसचू ना
नई दिल्ली, 28 फरवरी, 2022
सा.का.जन. 165(अ).—केंद्रीर् सरकार, कंपनी अजधजनर्म, 2013 (2013 का 18) की धारा 132 की उप-धारा
(3) द्वारा प्रित्त िजिर्ों का प्रर्ोग करते हुए, राष्ट्रीर् जवत्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों का वेतन, भत् ते त ा
सेवा की अन् र् िततों और जनंंधन) जनर्म, 2018 का और संिोधन करने के जलए जनम्नजलजखत जनर्म ंनाती ह,ै अ ायत:्-
1. संजक्षप्त नाम और प्रारंभ.- (1) इन जनर्मों का संजक्षप्त नाम राष्ट्रीर् जवत्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों का
वेतन, भत् ते त ा सेवा की अन् र् िततों और जनंंधन) संिोधन जनर्म, 2022 ह।ै
(2) र्े रािपत्र में उनके प्रकािन की तारीख को प्रवृत्त होंगे।
2. राष्ट्रीर् जवत्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों का वेतन, भत् त े त ा सेवा की अन्र् िततों और जनंंधन) जनर्म,
2018 म,ें -
(i) जनर्म 11 के स्ट् ान पर, जनम्नजलजखत जनर्म रखा िाएगा, अ ायत:्-
"11. वते न और भत्त े – (1) अध्र्क्ष के पास घर और कार के जंना चार लाख पचास हिार रुपर्े का समेदकत
माजसक वेतन प्राप्त करने र्ा भारत सरकार के एक सजचव को अनुज्ञेर् वेतन और भत्ते प्राप्त करने का जवकल्प होगा
1350 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
और प्रत्र्ेक पणू यकाजलक सिस्ट्र् के पास घर और कार के जंना चार लाख रुपर् े का समेदकत माजसक वेतन र्ा भारत
सरकार के अपर सजचव को अनज्ञु ेर् वेतन और भत्ते प्राप्त करने का जवकल्प होगा।
परन् त ु र्दि अध्र्क्ष भारत सरकार के सजचव को अनुज्ञेर् वेतन प्राप्त करन े के जवकल्प को चुनता ह ैऔर एक
पूणयकाजलक सिस्ट्र् भारत सरकार के अपर सजचव को अनज्ञु ेर् वेतन प्राप्त करन े के जवकल्प को चुनता ह ै और केंद्रीर्
सरकार अ वा दकसी राज्र् सरकार से माजसक पेंिन प्राप्त कर रहा ह ै तो ऐसे अध्र्क्ष र्ा सिस्ट्र् का वेतन,
र् ाजस्ट् जत, उसके द्वारा प्राप्त पिें न की सकल राजि में स ेकम कर दिर्ा िाएगा:
परन् तु र्ह भी दक 12 िुलाई, 2021 को िारी जवज्ञापन के आधार पर हुई जनर्ुजिर्ों के सिं भय में, र्दि
एक पूणयकाजलक सिस्ट्र् भारत के अपर सजचव को अनुज्ञेर् वते न प्राप्त करने के जवकल्प को चुनता ह ै और राष्ट्रीर्
जवत्तीर् ररपोर्टिंग प्राजधकरण के पूणयकाजलक सिस्ट्र् के रूप में िाजमल होन े पर भारत सरकार के सजचव की
सेवाजनवृजत्त से पूवय अनुज्ञेर् वेतन और भत्ते प्राप्त कर रहा ा तो वेतन 2,25,000/- रुपर्े प्रजतमाह की सीमा के
अध्र्धीन उस स्ट्तर पर तर् दकर्ा िाएगा िो वह अपन ेजपछल ेरोिगार को छोड़त े समर् प्राप्त कर रहा ा।
(ii) जनर्म 15 के स्ट् ान पर, जनम्नजलजखत जनर्म को रखा िाएगा, अ ातय :् -
“15. गहृ दकरार्ा भत्ता – (1) अध्र्क्ष र्ा एक पणू यकाजलक सिस्ट्र्, जिसने भारत सरकार के सजचव र्ा अपर सजचव
के जलए अनुज्ञेर् वेतन और भत्तों का जवकल्प चुना ह,ै र् ाजस्ट् जत उसी िर पर गृह दकरार्ा भत्ता प्राप्त करन े का
हकिार होगा िो केंद्रीर् सरकार के समूह ‘क’ पि धारक समान वेतन प्राप्त करने वाले अजधकारी के जलए अनज्ञु ेर्
ह।ै
परन् त ु र्दि अध्र्क्ष र्ा एक पणू कय ाजलक सिस्ट्र् उन्ह ें आवंरटत सामान्र् पूल ररहार्िी आवास का अजधभोग
कर रहा ह ैर्ा अजधभोगी ह ैतो उस जस्ट् जत म ेंगृह दकरार्ा भत्ते के जलए पात्र नहीं होंगे।
(2) र्ह जनर्म उन अध्र्क्ष र्ा दकसी ऐसे पणू यकाजलक सिस्ट्र् जिन् होने र् ाजस्ट् जत चार लाख पचास हिार रुपए
प्रजतमाह र्ा चार लाख रुपए प्रजतमाह, के समेदकत वेतन के जवकल्प को चनु ा ह ैपर लागू नहीं होगा।”;
(iii) जनर्म 16 के स्ट् ान पर, जनम्नजलजखत जनर्म को रखा िाएगा, अ ातय :् -
“16. पररवहन भत्ता – (1) अध्र्क्ष र्ा पूणयकाजलक सिस्ट्र्, जिन् होने र् ाजस्ट् जत भारत सरकार के सजचव र्ा अपर
सजचव, को अनुज्ञेर् वेतन और भत्ते का जवकल्प चुना ह,ै वह सरकारी और जनिी उद्देश्र्ों के जलए र्ात्रा हते ु स्ट्टाफ
कार जनर्मों के प्रावधानों के अनुसार समान वेतन वाले केंद्रीर् सरकार के समूह ‘क’ पि धारक अजधकारी के जलए
अनुज्ञेर् स्ट्टाफ कार की सुजवधाओं का हकिार होगा।”;
(2) र्ह जनर्म उन अध्र्क्ष र्ा दकसी ऐसे पणू यकाजलक सिस्ट्र् जिन् होने र् ाजस्ट् जत चार लाख पचास हिार रुपए
प्रजतमाह र्ा चार लाख रुपए प्रजतमाह, के समेदकत वेतन के जवकल्प को चनु ा ह ैपर लागू नहीं होगा।”;
(iv) जनर्म 18 म ेंउप-जनर्म (1) के स्ट् ान पर, जनम्नजलजखत उप-जनर्म को रखा िाएगा, अ ातय ्:-
(1) अध्र्क्ष र्ा एसे पूणयकाजलक सिस्ट्र् जिन् होन े र् ाजस्ट् जत भारत सरकार के सजचव र्ा अपर सजचव को
अनुज्ञेर् वेतन और भत्त े का जवकल्प चुना ह,ै जिसके संंंध में कोई स्ट्पष्ट उपंंध इन जनर्मों में नहीं ंनाए गए ह,ैं
की सेवाओं के जनंंधन और ित ें वही होंगे, िो समान वेतन प्राप्त करन े वाले केंद्रीर् सरकार के समूह ‘क’ के रूप म ें
पिधाररत अजधकारी के जलए लागू ह।ैं
[फा. सं. एनएफआरए-01/2/2021-कॉम्प-एमसीए]
के. वी. आर. मूर्त,य संर्ुि सजचव[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3
रटप्पण: - मूल अजधसूचना भारत के रािपत्र, कंपनी अजधजनर्म, 2013 की धारा 132 की उप-धारा (3) में सा.का.जन.
262(अ), दिनांक 21 माचय, 2018 द्वारा प्रकाजित की गई ी और भारत के रािपत्र, असाधारण, भाग II, खंड
3, उप-खंड (i) में प्रकाजित सा.का.जन. 125(अ), दिनांक 18 फरवरी, 2019 द्वारा संिोजधत की गई ी।
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 28th February, 2022
G.S.R. 165(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. Short title and commencement. - (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, 2022.
(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,-
(i) for rule 11, the following rule shall be substituted, namely:-
“11. Salary and allowances. - (1) The Chairperson shall have the option to draw either a
consolidated monthly salary of four lakh fifty thousand rupees without house and car or the pay and
allowances as are admissible to a Secretary to the Government of India and every full time member
shall have the option to draw either a consolidated monthly salary of four lakh rupees without
house and car or the pay and allowances as are admissible to an Additional Secretary to the
Government of India:
Provided that where the Chairperson exercises the option to receive pay as admissible to a
Secretary to the Government of India or a full time member exercises the option to receive pay as
admissible to an Additional Secretary to the Government of India and is in receipt of monthly
pension from either the Central Government or a State Government, the pay of such Chairperson or
Member, as the case may be, shall be reduced by the gross amount of pension drawn by him:
Provided also that in respect of appointments made on the basis of advertisement issued on
12th July, 2021, where a full time member exercises the option to receive pay as admissible to an
Additional Secretary to the Government of India and was in receipt of pay and allowances as are
admissible to a Secretary to the Government of India prior to his or her superannuation on joining
as full time member, National Financial Reporting Authority, then the same shall be fixed at the
level of pay which he or she was drawing at the time of demitting his or her previous employment,
subject to a limit of Rs. 2,25,000/- per month.”;
(ii) for rule 15, the following rule shall be substituted, namely:-
“15. House rent allowance.- (1) The Chairperson or a full time member, who has opted for pay
and allowances as are admissible to a Secretary or an Additional Secretary to the Government of
India, as the case may be, shall be entitled to house rent allowance at the same rate as is admissible
to a Central Government officer holding a Group ‘A’ post carrying the same pay:
Provided that the Chairperson or a full-time member shall not be eligible for house rent
allowance in case he is in occupation of, or occupies, a General Pool Residential Accommodation
which has been allotted to him:4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(2) Nothing in this rule shall apply to the Chairperson or a full-time member who has opted for
a consolidated salary of four lakh fifty thousand rupees per month or four lakh rupees per month, as
the case may be.” ;
(iii) for rule 16, the following rule shall be substituted, namely:-
“16. Transport Allowance.-(1) The Chairperson or a full time member, who has opted for pay and
allowances as are admissible to a Secretary or an Additional Secretary to the Government of India,
as the case may be, shall be entitled to the facility of staff car for journeys for official and private
purposes in accordance with the facilities as are admissible to a Central Government officer
holding a Group ‘A’ post carrying the same pay as per the provisions of applicable staff car rules.
(2) Nothing in this rule shall apply to the Chairperson or a full-time member who has opted for a
consolidated salary of four lakh fifty thousand rupees per month or four lakh rupees per month, as
the case may be.” ;
(iv) in rule 18 for sub-rule (1), the following sub-rule shall be substituted, namely:-
“(1) The terms and conditions of service of a chairperson or a full time member who has opted for
pay and allowances as are admissible to a Secretary or an Additional Secretary to the Government
of India, as the case maybe, with respect to which no express provision has been made under these
rules, shall be such as are applicable to a Central Government officer holding a Group ‘A’ post
carrying the same pay.”
[F. No. NFRA-01/2/2021-Comp-MCA]
K.V. R. MURTY, Jt. Secy.
Note:- The principal notification was published in the Gazette of India, sub-section (3) of section 132 of the
Companies Act, 2013 vide number G.S.R. 262(E), dated 21st March, 2018 and was amended vide
GSR 125(E), dated 18th February, 2019 published in the Gazette of India, Extraordinary, Part II,
Section 3, Sub-section(i).
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.