MCA Notifies Norms for Appointment of Chairperson & Members of NFRA

G.S.R. 125(E).Ministry of Corporate Affairs hereby amends the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules 2018.

Under  sub-section (3) of section 132 of the Companies Act, 2013, the following rule that is amended is, in rule 4, in sub-rule (5), for the words “within a period not exceeding one hundred and twenty days” shall be from now on substituted by  “within a reasonable period of time”.

This means, the search-cum-selection committee shall make its recommendation to the Central Govt. for the appointment of the Chairperson or Members of the National Financial Reporting Authority, as the case may be within a reasonable period of time.

This rule may be called the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2019 and has come to force on 18th February 2019 after it has been published in the official Gazette.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.262 (E), dated the 21st March 2018.

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Important Links:

  1. 18th February 2019 – National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2019
  2. 21st March 2018 – National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules 2018
  3. Constitution of National Financial Reporting Authority – Section 132
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