The National Financial Reporting Authority (Recruitment, Salary, Allowances and Other Terms and Conditions of Service of Secretary, Officers and Other Employees of Authority) Rules, 2019 is applicable from 16th May 2019.
NFRA (Recruitment, Salary, Allowances and Other Terms and Conditions of Service of Secretary, Officers and Other Employees of Authority) Rules, 2019 published vide G.S.R. 369(E), dated 16.5.2019.
Chapter IX (Sections 128 to 138 ) of the Companies Act, 2013 deals with the provisions related to accounts of companies. Read with section 132 “Constitution of National Financial Reporting Authority”.
The National Financial Reporting Authority (Recruitment, Salary, Allowances and Other Terms and Conditions of Service of Secretary, Officers and Other Employees of Authority) Rules, 2019
[Published vide Notification No. G.S.R. 369(E), dated 16-05-2019 and last amended vide Notification No. G.S.R. 4(E), dated 04-01-2022]
In exercise of the powers conferred by sub-section (11) of section 132 of the Companies Act, 2013, the Central Government hereby makes the following rules, namely:-
Rule-1: Short title and commencement
Rule-1(1): These rules may be called the National Financial Reporting Authority (Recruitment, Salary, Allowances and Other Terms and Conditions of Service of Secretary, Officers and Other Employees of Authority) Rules, 2019.
Rule-1(2): They shall come into force on the date of their publication in the Official Gazette.
Rule-2: Definitions
Rule-2(1): In these rules, unless the context otherwise requires,-
- (a) “Act” means the Companies Act, 2013 (18 of 2013);
- (b) “Authority” means the National Financial Reporting Authority (NFRA) constituted under sub-section (1) of section 132 of the Act;
- (c) “employee” means employee of the Authority including Secretary, Officers and other employees;
- (d) “Schedule” means the Schedule annexed to these rules.
Rule-2(2): Words and expressions used and not defined in these rules but defined in the Act shall have the same meanings as respectively assigned to them in the Act.
Rule-3: Recruitment and appointment of employees
Rule-3(1): The number of posts, mode of recruitment, eligibility and composition of Departmental Promotion Committee for each post shall be such as specified in the Schedule.
Rule-3(2): The Central Government may, on the recommendation of the Departmental Promotion Committee, appoint the Secretary and Executive Director of the Authority.
Rule-3(3): he Authority may, on the recommendation of the Departmental Promotion Committee, appoint the Chief General Manager (CGM), General Manager (GM), Deputy General Manager (DGM), Assistant General Manager (AGM), Manager, Assistant Manager, Personal or General Assistant, Sr. PS., Private Secretary and Driver of the Authority in accordance with these rules.
Rule-3(4): The Authority shall invite applications for the posts of Chief General Manager (CGM), General Manager (GM), Deputy General Manager (DGM), Assistant General Manager (AGM), Manager, Assistant Manager, Personal or General Assistant, Sr. PS., Private Secretary and Driver of the Authority from eligible candidates after observing due process, examine suitability of their candidature and provide the list of eligible candidates to the Departmental Promotion Committee to undertake the selection process.
[Rule-3 was substituted by the NFRA (Recruitment, Salary, Allowances and Other Terms and Conditions of Service of Secretary, Officers and Other Employees of Authority), Amendment, Rules, 2022 vide Notification No. G.S.R. 4(E), dated 04-01-2022.]
Rule-4: Pay, allowances and other benefits
Rule-4(1): Pay of an employee of the Authority shall be such as per the Level in pay matrix as approved by the Central Government or pay scale as specified in the Schedule.
Rule-4(2): An employee appointed on deputation to an ex-cadre post may elect to draw either the pay in the scale of pay of the ex-cadre post or his pay in the parent cadre with deputation allowance.
Rule-4(3): The Secretary, officers and employees of the Authority who are not on deputation shall be governed by the new pension scheme.
Rule-4(4): The Secretary, officers and employees of the Authority who are on deputation shall be eligible for pension and retirement benefits, if any, as are available to them in their parent Ministry or Department or organization.
Rule-4(5): For an employee other than an employee on deputation to the Authority, the Authority may, from time to time, frame such schemes and allow such other benefits for the welfare of the employees on such terms and conditions as may be approved by the Central Government from time to time.
Rule-5: Official visits abroad
Rule-5(1): The official visits to abroad by Secretary, officers and other employees of the Authority shall be undertaken with the prior approval of the Chairperson of the Authority or any other Member or officer of the Authority authorized by the Chairperson.
Rule-5(2): Instructions issued by Ministry of External Affairs and Ministry of Finance as amended from time to time shall be applicable.
Rule-6: Residuary provision
Matters relating to the terms and conditions of service of the Secretary, Officers and Other Employees of the Authority with respect to which no express provision has been made in these rules, shall be referred by the Authority to the Central Government for its decision and the decision of the Central Government shall be binding on the parties.
Rule-7: Power to relax
Where the Central Government is of the opinion that it is necessary or expedient so to do, it may, by order and for reasons to be recorded in writing, relax any of the provisions of these rules with respect to any class or category of persons.