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Core Purpose

Notification amending the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018 to revise the consolidated monthly salary of the Chairperson and full-time members with retrospective effect.

Detailed Summary

Issued by the Ministry of Corporate Affairs on 18th September 2024 (G.S.R. 577(E)) under sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), this notification makes the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Second Amendment Rules, 2024, amending rule 11 of the principal Rules of 2018 (published vide G.S.R. 262(E) dated 22nd March 2018 and last amended vide G.S.R. 543(E) dated 6th September 2024) by inserting a third proviso to sub-rule (1) entitling the Chairperson and full-time members to a revised consolidated monthly salary with effect from 1st January 2024. The rules take effect from the date of publication in the Official Gazette, and an Explanatory Memorandum declares that the retrospective effect does not adversely affect any person's interest; the notification was signed by Inder Deep Singh Dhariwal, Joint Secretary, under file number F. No. NFRA-01/2/2021-Comp-MCA (Part-1).

Full Text

5952 GI/202 4 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( i) PUBLISHED BY AUTHORITY No. 535] NEW DELHI, WEDNESDAY , SEPTEMBER 18, 2024 /BHADRA 27, 194 6 CG-DL-E-19092024-257220 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 18th September, 2024 G.S.R. 577(E).— In exercise of the powers conferred by sub -section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, namely: – 1. (1) These rules may be called the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Second Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, in rule 11, in sub -rule (1), after the second proviso, the following proviso shall be inserted, namely: - “Provided also that the Chairperson and full time members shall be entitled to a revised consolidated monthly salary under this sub -rule from the 1st day of January, 2024”. [F. No. NFRA -01/2/2021 -Comp -MCA (Part -1)] INDER DEEP SINGH DHARIWAL , Jt. Secy . Explanatory Memorandum .- It is hereby declared that by issuing the notification with retrospective effect, the interest of no person shall be adversely affected. Note : The principal notification was published in the Gazette of India, Extraordinary Part II, Section 3, Sub -section (i) vide number G.S.R. 262(E), dated 22nd March, 2018, and last amended vide G.S.R. 543(E), dated 06th September, 2024. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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