Nitin Gupta, a retired Indian Revenue Service (IRS) officer of the 1986 batch, officially took charge as the Chairperson of the National Financial Reporting Authority (NFRA). His appointment follows the completion of the tenure of the previous chairperson, Ravneet Kaur, who served in an additional capacity after the retirement of Ajay Bhushan Prasad Pandey earlier in 2025.
Professional Background of Nitin Gupta
Before assuming his new role, Nitin Gupta served as the Chairman of the Central Board of Direct Taxes (CBDT) from June 2022 to June 2024. He has had a distinguished career within the Income Tax Department and the Ministry of Finance, contributing significantly to India’s tax administration and financial governance. Apart from his expertise in taxation, Gupta is also a trained civil engineer, bringing a diverse technical perspective to financial regulation.
Appointments to NFRA’s Full-Time Members
Alongside Gupta’s appointment, the government approved the induction of three new Full-Time Members to NFRA:
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Smita Jhingran: A retired IRS officer of the 1986 batch, returning to NFRA having previously served as a Full-Time Member.
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P. Daniel: A retired officer of the Indian Defence Estates Service (IDES) of the 1989 batch, formerly Secretary of the Central Vigilance Commission.
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Sushil Kumar Jaiswal: A retired officer of the Indian Audit and Accounts Service (IA&AS) of the 1993 batch, who has held the position of Director General of Audit (Central Receipt).
These appointments are effective for a term of three years or until the appointees reach the age of 65, whichever comes first.
NFRA’s Mandate and Current Oversight
Established under the Companies Act, 2013, NFRA serves as an independent regulator overseeing the auditing profession and ensuring compliance with accounting standards in India. Under Gupta’s leadership, NFRA is currently reviewing financial statements related to certain corporate entities to ensure transparency and accountability, including investigations into alleged fund diversion and discrepancies in bank accounts.
Nitin Gupta’s appointment as Chairperson of NFRA marks an important milestone in strengthening India’s financial regulatory framework. With his extensive experience in tax administration and governance, he is well-positioned to lead NFRA in enhancing corporate financial reporting and auditing standards. The inclusion of experienced professionals as Full-Time Members further strengthens NFRA’s capability to fulfill its mandate effectively.
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