'The impact will be minimal and it will only increase compliance cost on consent, data flows, localisation timelines, internal audits, data mapping, and new tooling.'
One of the major concerns highlighted by the DGCA was about the fact that not all staff had completed mandatory fatigue management training.
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
'As the team builds, each of them will bring in a different perspective, new thinking.'
The average Indian fraudster isn't an outsider exploiting security loopholes. He's usually a man between 26 and 45 years of age, working in operations or procurement, with more than six years at the organisation.
The current revision, approved by the ICAI council last week, addresses issues such as effects of laws and regulations in conducting internal audit, responsibility of management for compliance with laws and regulations, responsibility of internal auditor and internal audit procedures.
The government on Wednesday asked e-commerce platforms to conduct annual internal audits to make sure that they are not resorting to manipulative tactics to mislead consumers and prevent them from making right choices -- a technique commonly referred to as dark pattern -- and submit reports to the Department of Consumer Affairs (DoCA). It comes just a week after Uber was issued a notice by the Central Consumer Protection Authority (CCPA) over its "advance tip" feature.
In today's dynamic economic landscape, commerce and management education is crucial for a global career, says Nayagam PP.
Markets regulator Sebi on Wednesday barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. In addition to the market ban, Sebi has impounded Rs 19.78 crore collectively from the five individuals, according to an interim order passed by the regulator.
Aviation watchdog DGCA has issued a warning letter to Akasa Air's accountable manager Vinay Dube, who is also its founder and CEO, for regulatory lapses, days after the airline was warned for violating norms related to handling dangerous goods.
The bank is looking to combat financial times.
Senior bankers anticipate discussions on issues related to technology, cyber security, and customer protection.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
On July 25 and 26, the regulator's team carried out the surveillance of Air India in the areas of internal audit, accident prevention work and availability of required technical manpower.
Rajasthan police chief Umesh Mishra said they have taken the comments of the "court seriously and are examining the files in detail".
'Brigitte Henriques calls on all members of the sports movement to remain mobilised on the essential and paramount objective: the full success of the Paris Olympic and Paralympic Games in 2024.'
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
A plea that the banking regulator's stress should be on the strategic role of boards and an increase in the remuneration of independent directors were among the issues put forward to the Reserve Bank of India's (RBI's) top brass in its interaction with the full boards of state-run banks held on Monday. The meeting, the first leg of first-of-its-kind interactions with the boards of state-run banks, will now be followed by those of private banks in Mumbai on May 29. The RBI's press release, issued late on Monday, did not refer to the specific points that found mention in the deliberations, but top sources told Business Standard the twin concerns were taken up in the open-house interaction with the banking regulator's brass.
Reserve Bank Governor Shaktikanta Das said on Monday that fair and impartial auditing is essential for a resilient economy as it instils confidence among citizens. Addressing officers at the National Academy of Audit and Accounts, Das said that audit is important for the country as public expenditure decisions are based on these reports. Observing that there is a need to improve the quality and depth of audit, he said the Reserve Bank has taken a host of steps in consultation with the Institute of Chartered Accountants of India (ICAI) for improving the audit of banks and financial institutions.
The complaint was filed for various offences punishable under sections 420 (cheating), 468 and 469 (forgery), 471 (fraud), 500 (defamation) r/w 120B (criminal conspiracy) and 34 (criminal act) of the Indian Penal Code.
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
The National Stock Exchange (NSE), which is once again in the eye of a storm due to the co-location scandal, has said it has taken several transformational steps in the past few years on the regulatory, technological, and surveillance fronts to help improve stakeholder experience and to protect investors. Senior officials of the exchange briefed the media over the steps the exchange has taken on various fronts following changes at the helm with former managing director and chief executive officer Chitra Ramkrishna's ouster in December 2016. "Over the last few years, we have been looking to modernise and transform the entire value chain of technology.
Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover's restricted shares in the firm. The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover as managing director. IPO-hopeful BharatPe, which allows shop owners to make digital payments through QR codes, has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was managing director.
An opportunity to enter a burgeoning sector at a low valuation and favourable policies are propelling some of India's largest corporate groups to scoop up drone start-ups. "Indian corporations lost the race in aerospace and space tech. "No one wants to miss the bus this time. "These are seasoned businessmen and they realise that the market cap of tech companies with problem-solving capabilities will exponentially rise in future," says Vipul Singh, CEO of Aarav Unmanned Systems (AUS).
'We will take tough calls where needed in the interest of doing what is right.'
The PwC survey found more than 50 per cent respondents reporting lack of adequate skill sets
2022 is shaping up as the year brimming with job opportunities for people who possess relevant skillsets. Therefore, it is crucial for fresh graduates and young professionals to enroll in relevant certification courses to add more feathers to their introductory portfolio
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
According to reports, the list of misdemeanours investigated includes excise duty violations, invoicing problems and handing over distribution in some key markets to relatives of the top brass.
According to reports, an anonymous group that calls itself "ethical employees" have written to the Infosys Board as well as American regulator US Securities and Exchange Commission with the allegations. They have claimed that they have emails and voice recordings to substantiate the same.
Protiviti Inc, one of the world's largest independent business and risk consulting firms, specialises in internal audit, estimated to be a Rs 1,35,000-crore (Rs 1.35 trillion) business globally.
Images from the first T20 between India and Sri Lanka, in Colombo, on Sunday.
Mobility company Ola's chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal are leaving the company. These developments come at a time when the SoftBank-backed company's core ride-hailing unit is planning to go public and for which it raised $500 million from Warburg Pincus and Temasek in July this year. These investment firms had partnered with the company founder Bhavish Aggarwal for this round.
RBI said a total of 8,707 frauds involving Rs 1 lakh and above were detected during 2019-20 involving an amount of Rs 185,644 crore.
A new PwC report, '2010 Internal Audit State of the Productivity of the Profession Survey', said about 48 per cent of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18 per cent have no access to these tools.
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
However, in a circular issued earlier, the market regulator had asked stock brokers and trading members to complete the auditing from independent qualified chartered accountants but now the role has been extended to company secretaries or cost and management accountants.
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