The Centre has now set in motion the process of appointment of Chairman and members of the National Financial Reporting Authority, which is seen as auditor oversight body for listed and large companies. NFRA will have a Chairperson; three full-time members and nine-part time members, according to the rules notified by the Corporate Affairs Ministry.

The Centre will appoint the Chairman and Members based on the recommendation of a search-cum-selection panel headed by Cabinet Secretary. To be a Chairperson, one of the condition is that the person should have expertise and experience of not less than twenty-five years in the field of accountancy, auditing, finance or law.

Those looking to become a full-time Member should have at least 20 years experience in the field of accounting, auditing, finance or law. The term of office of a Chairperson will be three years or till he attains the age of 65 years, whichever is earlier. He will be eligible for re-appointment for one more term.