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Key Points

Nitin Gupta, former CBDT chief, has been appointed as NFRA Chairperson for a three-year term. The NFRA oversees auditing standards for major Indian companies to ensure transparency. Gupta brings decades of IRS experience to the role. The government also appointed three new full-time NFRA members alongside him.

Key Points: Nitin Gupta Appointed NFRA Chairperson After CBDT Tenure

  • Nitin Gupta to lead NFRA for 3 years post-CBDT retirement
  • NFRA regulates auditors of listed and large unlisted firms
  • Gupta belongs to 1986 IRS batch with tax administration expertise
  • Three new full-time NFRA members also appointed
2 min read

Nitin Gupta appointed Chairperson of National Financial Reporting Authority

Retired IRS officer Nitin Gupta named NFRA Chairperson for 3 years, tasked with regulating India's auditing standards.

"NFRA ensures high-quality auditing standards and strengthens public confidence in financial reporting. – Official Notification"

New Delhi, July 17

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

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Reader Comments

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Shreya B
While his credentials are impressive, I hope the new team focuses more on simplifying financial reporting for startups. Current compliance burden is killing small businesses!
A
Aman W
Another retired bureaucrat appointment...when will we see professionals from private sector in such roles? Need fresh perspectives in financial regulation!
P
Priyanka N
Good to see gender diversity in appointments with Ms. Jhingran. Hope NFRA now addresses the audit gaps exposed during recent banking scams. Jai Hind 🇮🇳
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Vikram M
Tax officers leading financial reporting authority? Isn't this conflict of interest? Should have appointed someone from accounting background instead.
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Nisha Z
Hope they implement stricter audit norms for big corporates. Too many financial frauds happening these days. Public needs more transparency!

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