Government invites Applications for NFRA Chairperson and Members, Check Eligibility and Salary

The government has announced vacancies for the positions of Chairperson and three full-time members at the National Financial Reporting Authority (NFRA). Interested and eligible candidates can apply before the deadline.

About NFRA

The NFRA is an independent regulatory body responsible for overseeing financial reporting and auditing standards in the country. It plays a crucial role in ensuring transparency and accountability in financial statements and audits.

Eligibility Criteria

According to the official release, applicants for the Chairperson position must be individuals of high reputation, ability, and integrity, with at least 25 years of experience in accountancy, auditing, finance, or law.

For full-time members, candidates must have at least 20 years of experience in any of the above-mentioned fields.

Salary and Benefits

• The Chairperson will receive a consolidated monthly salary of ₹5.62 lakh (without house and car) or pay equivalent to a Secretary to the Government of India.
• Full-time members can choose between a consolidated monthly salary of ₹5 lakh or pay equivalent to an Additional Secretary.
• If the selected candidates are receiving a government pension, their pay will be adjusted accordingly.

Application Process and Conditions

• Candidates must submit separate applications for the posts of Chairperson and member.
• Before appointment, all selected individuals must declare that they have no conflict of interest or lack of independence. If they fail to do so, their appointment will not be considered.
• During their tenure and for two years after leaving office, the appointees cannot be associated with any audit or related consultancy firm.

Tenure and Selection Process

The term of office for both the Chairperson and members will be three years or until they turn 65, whichever comes first. However, they may be reappointed for one more term.

The last date for submitting applications to the Ministry of Corporate Affairs is March 3. Additionally, the Search-cum-Selection Committee has the authority to identify and recommend other qualified individuals even if they have not formally applied.