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Date: 18-Sep-2024 Category: Extra Ordinary State: Union Government Country: India

The National Financial Reporting Authority Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members Second Amendment Rules 2024

Issued by Ministry of Corporate Affairs · Not Applicable

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Executive Summary & Key Takeaways

Description of the Gazette Notification

  • This gazette notification announces the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Second Amendment Rules, 2024. These rules amend the National Financial Reporting Authority (NFRA) Rules, 2018.
  • The amendment pertains to revising the consolidated monthly salary for the Chairperson and full-time members of the NFRA.

Key Changes

  • The amendment adds a proviso to Rule 11(1) of the NFRA Rules, 2018. This proviso clarifies that the Chairperson and full-time members are entitled to a revised consolidated monthly salary from January 1st, 2024.
  • The amendment is applied retrospectively to January 1st, 2024.
  • The amendment is part of a series of amendments to the 2018 rules; the principal notification was published on March 22, 2018 (G.S.R. 262(E)) and last amended on September 6, 2024 (G.S.R. 543(E)).

Impact Analysis

Impact on NFRA Chairperson and Full-Time Members

  • Potential for increased attraction and retention of talent: The improved compensation package may attract higher-quality candidates and help retain existing members.

Impact on the Government (Ministry of Corporate Affairs)

  • Potential for improved governance: Attracting and retaining high-quality NFRA members can lead to better financial reporting and corporate governance.

Impact on Listed Companies and other Stakeholders

  • No direct financial impact: The amendment does not directly impact the financial statements of companies.

Suggested Action Items

  • The Ministry should assess the effectiveness of the revised compensation package in attracting and retaining talent within the NFRA.

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 governance. Companies Act, 2013: The primary legislation governing companies in India. National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018: Rules governing the appointment and terms of service of the NFRA Chairperson and members. G.S.R. 577(E): The Gazette of India notification number for these amendments. G.S.R. 262(E), dated 22nd March, 2018: The original Gazette notification for the NFRA Rules, 2018. G.S.R. 543(E), dated 06th September, 2024: The previous amendment to the NFRA Rules, 2018.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-19092024-257220 CG-DxLx-xEG-I1D9H0x9x2x0 24-257220 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.ं 535] नई दिल्ली, बुधिार, जसतम्ब र 18, 2024/भार 27, 1946 No. 535] NEW DELHI, WEDNESDAY, SEPTEMBER 18, 2024/BHADRA 27, 1946 कारपोरेट कार् यमत्रं ालर् अधिसचू ना नई दिल् ली, 18 जसतम्ब र, 2024 सा.का.जन. 577(अ).— केन्द्रीर् सरकार, कंपनी अजधजनर्म, 2013 (2013 का 18) की धारा 132 की उप-धारा (3) द्वारा प्रित्त िजिर्ों का प्रर्ोग करत े हुए, राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों की जनर्ुजि की रीजत और सेिा के अन्द्र् जनबंधन और ित)ें जनर्म, 2018 म ें और संिोधन करने के जलए जनम्नजलजखत जनर्म बनाती ह,ै अर्ायत ् :- 1 (1) इन जनर्मों का संजक्षप्त नाम राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों की जनर्ुजि की रीजत और सेिा के अन्द्र् जनबंधन और ितें) जद्वतीर् संिोधन जनर्म, 2024 ह।ै (2) र् ेरािपत्र म ें इनके प्रकािन की तारीख को प्रिृत्त होंगे। 2. राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण (अध्र्क्ष और सिस्ट्र्ों की जनर्ुजि की रीजत और सेिा के अन्द्र् जनबंधन और ितें) जनर्म, 2018 म,ें जनर्म 11 के, उप-जनर्म (1) म,ें िसू रे परंतुक के पश्चात्, जनम्नजलजखत परंतुक अंतःस्ट्र्ाजपत दकर्ा िाएगा, अर्ायत:् - 5952 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] “परन्द्त ु र्ह दक अध्र्क्ष और पणू यकाजलक सिस्ट्र् इस उप-जनर्म के अधीन 1 िनिरी, 2024 स े संिोजधत समेदकत माजसक िेतन के हकिार होंगे”। [फा.सं. एनएफआरए-01/2/2021-कॉम्प-एमसीए(पाटय-1)] इन्द्र िीप ससंह धारीिाल, संर्ुि सजिि स्ट्पष्टीकारक ज्ञापन.- र्ह घोजित दकर्ा िाता ह ै दक भतू लक्षी प्रभाि स े इस अजधसूिना को िारी करन े स े दकसी भी व्यजि के जहत पर प्रजतकूल प्रभाि नहीं पडेगा। रटप्पण: मलू अजधसूिना भारत के रािपत्र, असाधारण, भाग 2, खडं 3, उप-खंड (i) म ें संख्र्ा सा. जन.का. 262 (अ), तारीख 22 मािय, 2018 के द्वारा प्रकाजित की गई र्ी और सा.जन.का.543(अ), तारीख 06 जसतंबर, 2024 द्वारा अंजतम बार संिोजधत की गई। MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 18th September, 2024 G.S.R. 577(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) Second 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 rule 11, in sub-rule (1), after the second proviso, the following proviso shall be inserted, namely:- “Provided also that the Chairperson and full time members shall be entitled to a revised consolidated monthly salary under this sub-rule from the 1st day of January, 2024”. [F. No. NFRA-01/2/2021-Comp-MCA (Part-1)] INDER DEEP SINGH DHARIWAL, Jt. Secy. Explanatory Memorandum.- It is hereby declared that by issuing the notification with retrospective effect, the interest of no person shall be adversely affected. 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 22nd March, 2018, and last amended vide G.S.R. 543(E), dated 06th September, 2024. 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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