Union Finance Minister Arun Jaitley today administered the oath ceremony of former IAS officer Rangachari Sridharan as the first Chairperson of National Financial Reporting Authority (NFRA).
His appointment was announced on September 28. Sridharan a 1983 batch (retired) IAS officer of Karnataka cadre will be holding the position of Chairperson, NFRA, for the next three years or till the incumbent attains the age of 65 years.
The Union Minister of Finance & Corporate Affairs, Shri @arunjaitley administering the oath of office and secrecy to the newly appointed Chairperson, National Financial Reporting Authority (NFRA), Shri Rangachari Sridharan in New Delhi today: pic.twitter.com/paRogu0cLZ
— Ministry of Finance (@FinMinIndia) October 3, 2018
The appointments committee of the cabinet also approved Prasenjit Mukherjee as full-time member of the authority for the same tenure. He is a 1980 batch (retired) officer of Indian Audit and Accounts Service.
On March 1, the Union Cabinet chaired by Prime Minister Narendra Modi cleared the formation of the NFRA. The cabinet also approved the requirement of one post of chairperson, three posts of full-time members and one post of Secretary.
The NFRA will operate as an independent regulator for the auditing profession. It will provide assistance in better regulation of financial audit of large companies. The requirement for establishing NFRA had emerged in the wake of inflated scams, for ensuring better auditing standards and improving the quality of audits to strengthen the independence of audit firms, among others.