After receiving the assent of the President on the 12th August, 2023, the Official Gazette of India published The Anusandhan National Research Foundation Act, 2023 which was introduced in Lok Sabha on 4th August, 2023.

The Science and Engineering Research Board Act, 2008 is repealed and Science and Engineering Research Board is dissolved under this act, along with the establishment of the Anusandhan National Research Foundation to offer high-level strategic guidance for entrepreneurship, innovation, and research in the natural sciences, including the mathematical sciences and engineering and technology, earth and environmental sciences, agriculture, health, considering the intersections between science and technology in the social sciences and humanities, should encourage, oversee, and offer assistance as needed for this kind of study and for related issues.

Functions and Administration of NRF

The administrative Department of NRF will be The Department of Science and Technology (DST) along with the governance of a Governing Board consisting of eminent researchers and professionals across disciplines. The Foundation, established under this act is the apex corporate body, to provide high level strategic direction for research, innovation and entrepreneurship, having perpetual succession and a common seal, with power subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract which can sue or be sued.

Sectional Analysis
The Act clearly specifies the appointment of Chief Executive Officer of the Foundation, Committees of the Executive Council, Executive Council, Governing Board of the Foundation and members of the Governing Board or the Executive Council which includes the President, Vice-President and Chairperson in the initial sections.

The objective of the act is to provide highly effective strategic direction preparing the roadmap for research and development, seeding, growing and facilitating research at academic and research institutions, funding, assisting, supporting, evolving nationally coordinated programmes, encouraging collaboration with scientists and the Public Sector Enterprises as well as the private sector entities to invest in the activities of the Foundation.

The Governing Board, meetings of Governing Board, meetings and functions of Executive Council, Chief Executive Officer and other officers and employees of Foundation, constitution of committees, funds of Foundation, budget, annual report, accounts and audit, annual report and auditor's report along with rules and regulations which are to be laid before Parliament, certification and report which are to be furnished, power of Governing Board to delegate and to issue directions, application of other laws which are not barred, protection of action taken in good faith, power of Executive Council to make regulations, repeal and savings are enumerated intelligibly.

Accounts, Audit and Financial Analysis

The sources are scrutinized with clarity from which the Foundation receives its funds and budget. After the President has given the appropriation, the Central Government grants loans. Donations received from public sector enterprises, the private sector, philanthropist organisations, foundations or international bodies, income from investment, amounts with the Fund for Science and Engineering Research under the Science and Engineering Research Board Act, 2008 and the recoveries made of the amounts granted.

Establishment of Anusandhan National Research Foundation Fund, the Innovation Fund, the Science and Engineering Research Fund and Special Purpose Funds for any specific project or research.

Rules and regulations regarding preparation of budget, maintaining proper accounts in such form and manner at such time and at such intervals as may be prescribed for the next financial year, showing the estimated receipts and expenditure of the Foundation, annual report, giving a full account of the Foundation's activities and preparation of annual statement of accounts by the Executive Council which is to be approved by the Governing Board, and forwarded the same to the Central Government.

According to the act, the accounts of the Foundation are audited by the Comptroller and Auditor-General of India annually and any expenditure incurred in connection with such audit are payable by the Foundation to the Comptroller and Auditor-General of India.

Inference:
The Act will establish partnerships between business, academia, government agencies, and research facilities; additionally, it will establish an interface system that will enable businesses, State governments, and scientific and line ministries to participate and contribute.

Its main goals will be to establish regulatory procedures and a framework for policy that will promote industrial cooperation and higher research and development expenditures. On a concluding note, the act will enhance India's potential for transformation in science, knowledge endeavour, and national research infrastructure.