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TMI BlogThe National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... ined in the Act shall have the meanings respectively assigned to them in the Act. 3. Composition of Authority.- (1) The Authority shall consist of the following persons to be appointed by the Central Government, namely:- (a) a chairperson; (b) three full time members; and (c) nine part time members. (2) The chairperson shall be a person of eminence, ability, integrity and standing and having expertise and experience of not less than twenty-five years in the field of accountancy, auditing, finance or law. (3) A full-time member shall be a person of ability, integrity and standing and having expertise and experience of not less than twenty years in the field of accountancy, auditing, finance or law. (4) The chairperson and all members, before being appointed, shall submit a declaration to the Central Government confirming that they have no conflict of interest or lack of independence in respect of such appointment as chairperson or members in Form I annexed to these rules, failing which their appointment shall not be considered. (5) The chairperson and full-time members, shall not be associated with any audit firm including related consultancy firms during the course of their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icio; (vii) Chairperson, Auditing and Assurance Standards Board, Institute of Chartered Accountants of India, ex-officio; and (viii) two experts from the field of accountancy, auditing, finance or law. 5. Medical fitness.-No person shall be appointed as the chairperson or full time member unless he is declared medically fit by an authority specified by the Central Government in this behalf. 6. Resignation.- The chairperson or a member may, by writing under his hand addressed to the Central Government, resign from his office at any time: Provided that the chairperson or member shall, unless he is permitted by the Central Government to relinquish office sooner, continue to hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed as a successor enters upon his office or until the expiry of his term of office, whichever is the earliest. 7. Removal from office.- (1) The Central Government may, on the recommendation of a Committee referred to in sub-rule (1) of rule 4, remove from office the chairperson or a member, who- (a) has been adjudged as an insolvent; or (b) has been convicted of an offence which, in the opinio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time member shall be three years from the date on which he enters upon his office or till he attains the age of sixty-five years, whichever is earlier, and he shall be eligible for re-appointment for one more term. (2) A part -time member shall hold office for a period, not exceeding three years, as may be specified in the order of his appointment or the period for which he holds the substantive post by virtue of which he has been appointed as the part-time member, whichever is earlier, but shall be eligible for re-appointment. 10. Vacancy.-- In case of a vacancy in the office of the chairperson or a full-time member, the Central Government shall have the power to appoint the senior most fulltime member or in his absence any other full time member to officiate as chairperson. 11. Salary and allowances.-(l) The chairperson shall be paid a salary of two lakhs fifty thousand rupees (fixed) and other allowances and benefits as are admissible to a Central Government officer holding posts carrying the same pay. (2) A full time member shall be paid a salary of two lakhs twenty-five thousand rupees and other allowances and benefits as are admissible to a Central Government Officer hold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment officer holding a Group 'A' post carrying the same pay as per the provisions of applicable staff car rules. 17. Declaration of Financial and other Interests.-The chairperson or a full time member shall, before entering upon his office, declare his assets, liabilities and financial and other interests. 18. Other conditions of service.-(l) The terms and conditions of service of a chairperson or a full time member with respect to which no express provision has been made in these rules, shall be such as are admissible to a Central Government officer holding a Group 'A' post carrying the same pay. (2) The chairperson or a full time member shall not practise before the Authority after retirement or resignation or removal from the service of the Authority. (3) The chairperson or a full time member shall not undertake any arbitration work while functioning in the Authority. (4) The chairperson or a full time member shall not, for a period of two years from the date on which he ceases to hold office, accept any employment in, or connected with the management or administration of, any person who has been a party to a proceeding before the Authority: Provided t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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