Rule 4 - Manner of appointment - National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018

4. Manner of appointment. - (1) The Central Government shall appoint the chairperson and a full time member referred to in rule 3 on the recommendation of a search-cum-selection committee consisting of - (a) Cabinet Secretary - Chairperson; (b) Additional Principal Secretary to the Prime Minister - Member; (c) Secretary - Ministry of Corporate Affairs- Member; (d) Chairperson, National Financial Reporting Authority (for selection of full-time members) - Member; (e) three experts of repute from a panel of experts in the field of accountancy, auditing, finance, law (to be nominated by the Central Government) - Members (2) The Secretary, Ministry of Corporate Affairs shall be the convener of the search-cum-selection committee. (3) The search-cum-selection committee shall determine its procedure for making its recommendation. (4) No appointment of chairperson or a full time member shall be invalid merely by reason of any vacancy or absence in the search-cum-selection committee. (5) The search-cum-selection committee shall make its recommendations in regard to appointment of chairperson or the members, as the case may be, to the Central Government 1 [ within a reasonable period of time ] f rom the date of reference made to it by the Central Government. (6) The following persons shall be appointed as part time members of the Authority namely:- (i) one member to represent the Ministry of Corporate Affairs, who shall be an officer not below the rank of Joint Secretary, ex-officio; (ii) one member to represent the Comptroller and Auditor General of India, who shall be an officer not below the rank of Accountant General or Principal Director, ex-officio; (iii) one member to represent the Reserve Bank of India, who shall be an officer not below the rank of Executive Director, ex-officio; (iv) one member to represent the Securities and Exchange Board of India, who shall be an officer not below the rank of Executive Director, ex-officio; (v) President, Institute of Chartered Accountants of India, ex-officio; (vi) Chairperson, Accounting Standards Board, Institute of Chartered Accountants of India, ex-officio; (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. ********** Notes 1. Substituted vide NOTIFICATION No. G.S.R. 125(E). dated 18-02-2019 before it was read as within a period not exceeding one hundred and twenty days