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NEW DELHI : A seven-member panel led by the Cabinet Secretary Rajiv Gauba will recommend names for the next chairperson and full-time members of the National Financial Reporting Authority (NFRA), showed an official order 

Last Thursday, the government had given extra charge of NFRA to Competition Commission of India Chairperson Ashok Kumar Gupta for three months or till appointment new Chairperson after the three-year term of Rangachari Sridharan came to an end.   

The search-cum-selection committee’s members include principal secretary to the Prime Minister, secretary in the ministry of corporate affairs, NFRA chairperson for selection of full-time members, International Financial Services Centres Authority Chairman Injeti Srinivas, SEBI Chairman Ajay Tyagi and former principal of Shri Ram College of Commerce P. C. Jain, showed the order. 

The new chairperson is expected to play a key role in the regulatory oversight of auditors and preparers of financial statements and in fine tuning the policy framework for audit oversight.  

Under Sridharan, NFRA has brought out two consultation papers—one regarding audit of small businesses and the other on the broader regulatory architecture of audit oversight. The new chairperson will have to take these initiatives forward. The search-cum-selection panel has four months to make its recommendations.

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