More than one million cybersecurity incidents were flagged within 10 days.
HDFC Bank on Sunday said that it will "pursue all lawful remedies" to recover public funds and address the retaliatory actions taken by the Mehta family of the Lilavati Kirtilal Mehta Medical (LKMM) Trust, which has filed a complaint against the bank's managing director (MD) & chief executive officer (CEO) Sashidhar Jagdishan alleging financial fraud.
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.
The National Financial Reporting Authority (NFRA) will invite public comments on the revised International Standard on Auditing 600 (ISA 600) proposed to be adopted by publicly listed companies and non-public-sector banks, sources close to the development told Business Standard. The decision to take this "graded approach" for the adoption of the ISA, which is meant to rein in auditors often found hiding behind the audit reports signed off by subsidiary companies, was taken at a meeting of various financial sector regulators at NFRA's board meeting on Monday (August 26). The idea behind upgrading the Standards of Audit 600 currently followed by Indian auditors to ISA 600 is to plug current gaps, which have led to major audit lapses in the recent past.
Reconstruction of the terminal is expected to be completed by September 2028.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
For the first time, the Data Security Council of India assembled a joint task force to source threat intelligence at the origin and ensure coordinated action across the cybersecurity spectrum.
The Jane Street-Sebi saga is more than a legal dispute -- it's a litmus test for India's ambitions as a global financial hub.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
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.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
The fast-growing Indian online gaming sector is facing a significant threat from money laundering, necessitating urgent steps to ensure its sustained success and protect the country's robust digital economy, a report said on Thursday. The essential measures outlined in a report by the Digital India Foundation include forming a dedicated task force for illegal operators, creating a whitelist of legal operators, combating misleading advertisements, and incorporating principles of financial integrity and international cooperation.
'But when we actually express ourselves, sometimes our parents can surprise us, because they just love their children.' 'Sometimes it's just that simple. That is what I wanted to show in this film.'
Are faulty design, hurried construction and private ownership to be blamed for the incidents of airport roofs crashing?
KPMG, the $20-billion global advisory and audit firm, is set to broaden its basket of operations in India as it sees annual growth of 40 per cent in the coming years as well. At present, a significant chunk of KPMG's global client service support is being outsourced to Outsource Partners International, a strategic partner, in India. Going forward, the outsourcing volumes are expected to double.
Amidst rumblings of a crisis within AAP, a letter by its internal Lokpal has pointed to the growth of two camps within the top leadership of the party due to an "abject breakdown in communication and mutual trust" and said it needs to make efforts to address criticisms over inner-party democracy.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
'On the set, Ranveer and I got along really well. Ten days after the release, Ranveer messaged me and said, you have killed the scene! For someone like him to message me just says how supportive person he is of newcomers.'
The British Safety Coucil has plans to commence a course in Occupational Safety and Health in India this November. Read on to learn more.
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.
The company said the committee, headed by independent director D Sundaram and assisted by independent legal counsel Shardul Amarchand Mangaldas & Co, and PricewaterhouseCoopers, found that the "allegations are substantially without merit".
If the data breach is found to be genuine, and if the company is found guilty on the grounds of dereliction of duty, or misleading the general public and the RBI about the data breach, actions taken against it will be severe, the person quoted above said.
"We have to improve the institutional framework of companies... (and) need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," said Infy board member T V Mohandas Pai. Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.
India's scores in the ICAO's air safety oversight audit will improve substantially as the international watchdog's just-concluded validation mission was highly successful as per the initial reports, regulator DGCA said on Wednesday. ICAO is the International Civil Aviation Organisation. Under its Universal Safety Oversight Audit Programme (USOAP) Continuous Monitoring Approach, an ICAO Coordinated Validation Mission (ICVM) was undertaken from November 9 to 16.
'In India, managers and the leadership almost glorify overworking.'
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
A continuation of the highest standard by the FAA will be a relief for Indian airlines especially the Tata group which intends to increase Air India flights on India-US routes. US aviation watchdog Federal Aviation Administration (FAA) has completed the audit of India's aviation regulator DGCA. Sources said that the FAA team was satisfied with the work and changes in regulations by India and is likely to maintain a Category 1 status rating under its International Aviation Safety Assessment (IASA) programme.
The Directorate General of Civil Aviation (DGCA) suspended the licences of 92 pilots in 2022 for violating safety norms, which was more than double the 2021 figure. The number of scheduled flights (domestic and international) in India increased by 32.74 per cent to 1.3 million in 2022, according to data from aviation analytics firm Cirium. A DGCA official stated that the minimum period of licence suspension in 2022 was one month and the maximum was three years.
The DGCA probe detected serious issues related to safety oversight.
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.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
189 people working at 59 Indian airports were found drunk on duty in the first half of this year, marking a 32 per cent year-on-year increase.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
In the first such initiative, the Bharatiya Janata Party has invited the ruling and Opposition parties from around the world to witness the Lok Sabha elections in India first-hand.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
