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Date: 13-Aug-2024 Category: Extra Ordinary State: Union Government Country: India

To amend the National Financial Reporting Authority appointment of Part time members Rules 2022

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) appointment of Part-time members Rules, 2022.

Key Changes

  • The amendment replaces serial numbers (8) and (9) in Rule 2 of the NFRA appointment of Part-time members Rules, 2022.
  • The names of Shri Sanjay Kallapur and Professor R. Narayanswamy are substituted as the new entries for serial numbers (8) and (9) respectively.
  • This amendment is effective from the date of its publication in the Official Gazette (August 13, 2024).

Impact Analysis

Impact on NFRA

  • This change might influence the NFRA's decision-making processes and overall functioning.

Impact on Companies

  • Indirect impact: The change in NFRA's composition may lead to changes in the enforcement and interpretation of accounting standards, potentially affecting financial reporting practices of companies.

Impact on Stakeholders

  • Investors and other stakeholders will need to be aware of the change in NFRA's composition and its potential implications for financial reporting and corporate governance.

Suggested Action Items

  • Stakeholders should review any updated guidance or announcements from the NFRA.

Key Entities Referenced

National Financial Reporting Authority (NFRA): The independent regulator for accounting and auditing standards in India. This amendment affects the composition of its part-time members. Companies Act, 2013 (18 of 2013): The primary legislation governing companies in India. Sub-section (3) of section 132 of this Act provides the legal basis for this amendment. National Financial Reporting Authority appointment of Part-time members, Rules, 2022: The principal rules that have been amended by this notification. These rules detail the process for appointing part-time members to the NFRA. Shri Sanjay Kallapur and Professor R. Narayanswamy: The newly appointed part-time members of the NFRA. Ministry of Corporate Affairs: The government ministry responsible for issuing this notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 ससीी..जजीी..--डडीी..एएलल..--अअ..--1144008822002244--225566336644 CCGG--DDxLLx--xEEG--I11D44H00x88x22x00 2244--225566336644 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.ं 457] नई दिल्ली, मगं लिार, अगस्ट्त 13,2024/ श्रािण 22, 1946 No. 457] NEW DELHI, TUESDAY, AUGUST 13, 2024/ SHRAVANA 22, 1946 कारपोरेट कार् य मत्रं ालर् अधिसचू ना नई दिल्ली, 13 अगस्ट् त, 2024 सा.का.जन. 496(अ).— केंद्रीर् सरकार, कंपनी अजधजनर्म, 2013 (2013 का 18) की धारा 132 की उपधारा (3) द्वारा प्रित्त िजिर्ों का प्रर्ोग करते हुए, राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण के अंिकाजलक सिस्ट्र्ों की जनर्ुजि जनर्म, 2022 का और संिोधन करने के जलए जनम्नजलजखत जनर्म बनाती ह,ै अर्ायतः- 1. (1) इन जनर्मों का नाम राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण के अंिकाजलक सिस्ट्र्ों की जनर्ुजि (संिोधन) जनर्म, 2024 ह।ै (2) र्े रािपत्र में उनके प्रकािन की तारीख को प्रिृत्त होंगे। 2. राष्ट्रीर् जित्तीर् ररपोर्टिंग प्राजधकरण के अंिकाजलक सिस्ट्र्ों की जनर्ुजि जनर्म, 2022 के, जनर्म 2 में, क्रम संखर्ांक (8) और (9) और इनसे संबंजधत प्रजिजिर्ों के स्ट्र्ान पर जनम्नजलजखत क्रम संखर्ांक और प्रजिजिर्ा ं रखी िाएंगी, अर्ायतः- 5146 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] “(8) श्री संिर् कल्लापुर (9) प्रोफेसर आर. नारार्णस्ट्िामी”। [फा. स.ं एनएफआरए-05/6/2018-एनएफआरए-एमसीए] इन्द्द्रिीप ससंह धारीिाल ,संर्िु सजिि रटप्पणः मूल जनर्म भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i) में अजधसूिना संखर्ा सा.का.जन. 220(अ) तारीख 23 मािय, 2022 के अिीन प्रकाजित दकए गए र्े तर्ा अजधसूिना संखर्ा सा.का.जन.400(अ) तारीख 20 मई, 2022 के द्वारा अंजतम बार संशोधित दकए गए र्े। MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 13th August 2024 G.S.R. 496 (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 appointment of Part-time members, Rules, 2022, namely: - 1. (1) These rules may be called the National Financial Reporting Authority appointment of part-time 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 appointment of Part-time members, Rules, 2022, in rule 2, for serial numbers (8) and (9) and the entries relating thereto, the following serial numbers and entries shall be substituted, namely: - “(8) Shri Sanjay Kallapur (9) Professor R. Narayanswamy”. [F. No. NFRA-05/6/2018-NFRA-MCA] INDERDEEP SINGH DHARIWAL , Jt Secy. Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number C.S.R. 220 (E), dated the 23rd March, 2022 and last amended vide notification number G.S.R. 400 (E), dated the 25th May, 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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