The exchanges have also revised the instances which will be considered a technical glitch excluding instances where the broker is not at fault.
The Supreme Court of India has sought the government's response on a Public Interest Litigation (PIL) that challenges the appointment process of the Comptroller and Auditor General of India (CAG), arguing it's unconstitutional. The PIL, filed by the Centre for Public Interest Litigation, claims the current process, solely through executive appointment by the Prime Minister, undermines the CAG's independence and violates constitutional principles. The court, while acknowledging the importance of institutional trust, questioned the extent to which it should intervene in the appointment process and whether this would constitute rewriting constitutional provisions. The PIL suggests the CAG's appointment should be similar to other independent bodies, with a selection committee comprising the Prime Minister, Leader of the Opposition, and Chief Justice of India. The case has implications for the independence and transparency of India's audit system.
External auditor PwC is likely to submit its report to IndusInd Bank's board on Friday regarding accounting discrepancies in its derivatives portfolio, sources said. As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the bank's net worth.
Gensol Engineering, the beleaguered firm that came under market regulator Sebi's lens for fund diversions and governance lapses, said that its independent director Arun Menon has resigned with immediate effect.
Atishi alleged that the BJP had disrespected BR Ambedkar by removing his portrait from the chief minister's office.
Puzzled about the Waqf Bill? Syed Firdaus Ashraf explains how the amended Waqf law will plug loopholes in the existing legislation.
Global brokerage CLSA has lowered its target price for IndusInd Bank from Rs 1,200 to Rs 900 while maintaining an outperform rating on the stock after the private lender disclosed a net worth hit of Rs 1,500 crore due to an accounting gap. The revised price target still implies an upside of 34 per cent from current levels.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
The Delhi high court on Monday said the state government dragged its feet on the issue of tabling of several Comptroller and Auditor General (CAG) reports before the assembly, raising 'doubts on its bona fides'.
The Supreme Court has agreed to examine a PIL alleging that Arunachal Pradesh Chief Minister Pema Khandu awarded government contracts to his family members. The court has asked the state government to provide details of the beneficiaries and inform if due process was followed. The bench also sought responses from union ministries of home affairs, finance and the Comptroller and Auditor General of India on the issue within five weeks.
With 'dafli' beats in the background, AAP leaders held placards with photos of Ambedkar and raised slogans against the ruling party -- "BJP sun le, Jai Bhim, Jai Bhim" ... "BJP ki tanashahi nahin chalegi (BJP's dictatorship won't work)".
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
The firm, headed by Sunil Kumar Gupta, was appointed auditors of the PM's National Relief Fund in 2019, reports Archis Mohan
Stressing the need to make evidence-based policy formulation an integral part of governance, the prime minister said auditors must resort to technical tools to iron out any chances of fraud in organisations and give a new identity to new India.
The Lok Sabha passed the Waqf (Amendment) Bill, 2025, with the ruling NDA defending it as beneficial for minorities while the opposition called it "anti-Muslim". All amendments moved by the opposition were rejected and the bill was passed with 288 votes in favor and 232 against. Union Minorities Affairs Minister Kiren Rijiju asserted that India is the safest place in the world for minorities, refuting claims of their insecurity.
The RBI will take action against, apart from erring auditors, those responsible for wrong information in a bank's financial statements, incorrect certification given by auditors, wrong information given in the Long Form Audit Report, and any other violations of the RBI's rules and regulations on auditing.
In mid-September, the auditors had raised questions on Kingfisher Airlines' viability to run operations, based on the 2010-11 profit & loss statement.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
Of the total 199 small and medium enterprises (SMEs) listed this year so far, 22 had an issue size of less than Rs 10 crore, which the Securities and Exchange Board of India (Sebi) will no longer allow in the listed ecosystem after its recent consultation paper. The market regulator on Tuesday proposed an overhaul of the rules governing the initial public offerings (IPOs) of SMEs and corporate governance norms for listed SMEs, following concerns over 'systemic risk' seen in the ecosystem with instances of fund diversion and price manipulation.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
This pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
But it does not mention its views on the government demand to ban these two auditors for five years from business.
The report on the alleged liquor scam, a hot button issue in the run-up to the elections, claimed a loss of revenue to the tune of Rs 941.53 crore, saying timely permissions were not taken for opening the liquor vends in non-conforming municipal wards.
While the BJP has assured voters that these benefits will not be discontinued, AAP leaders have questioned the party's long-term commitment.
The Securities and Exchange Board of India (Sebi) on Thursday debarred Pacheli Industrial Finance and six others entities from the markets in its bid to crack down on a "pump and dump" case, substantiated by a probe into Rs 850 crore preferential allotment and examination of alerts around price movement of the firm's stock.
'I am simply highlighting a wrongdoing. This is why my complaint has merit, and the chief minister has ordered an inquiry.'
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
The Reserve Bank of India on Tuesday banned chartered accountant firm Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022.
The study found that many big groups have not changed their auditors in several years.
Farm workers and drivers will figure among the fastest growing jobs over the next five years, while roles of cashiers and ticket clerks will see the largest decline, a new study showed on Wednesday. In its Future of Jobs Report 2025, the World Economic Forum (WEF) also said that 170 million new jobs will be created by 2030, while 92 million are projected to be displaced, resulting in 78 million net new jobs.
The agency made this disclosure on Monday before a local court in Delhi while seeking an extension of custody of Hyderabad-based businessman Arun Ramachandran Pillai, whom it had arrested on March 6.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
The CBI has alleged that Gorantla's role in the formulation and implementation of the now-scrapped Delhi Excise Policy 2021-22 caused 'wrongful gain' to Hyderabad-based wholesale and retail licensees and their beneficial owners.
If the new Companies Bill becomes law, 10 of the 30 Sensex companies will have to look for new auditors.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
Jet Airways faces similar setback.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
