NATIONAL FINANCIAL REPORTING AUTHORITY (NFRA)

Subject : National Organisations

Context :NFRA has invited suggestions from public on consultation paper on NFRA’s engagement with its stakeholders.

Concept :

NFRA is an independent regulatory body set up under Section 132 of the Companies Act.
It was established by the Central Government in October 2018.
After the Satyam scandal took place in 2009, the Standing Committee on Finance proposed the concept of the National Financial Reporting Authority (NFRA) for the first time in its 21st report.
It oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs). This group includes all listed companies, and large unlisted companies.
To discharge this mandate, NFRA is in the process of creating a verified and accurate database of companies and auditors that come under the regulatory ambit of NFRA.
HQ: New Delhi
NFRA consists of one chairman, three full-time members and one secretary. Former IAS officer RangachariSridharan was appointed as the first chairman of the body in October 2018.