Latest news with #FRRB
The Print
18-06-2025
- Business
- The Print
ICAI to complete review of fin statements of IndusInd Bank, Gensol in 6 months
'(FRRB) will take at least six months or more to come to a conclusion on what is happening. It is a long drawn process…,' ICAI President Charanjot Singh Nanda said while responding to a query on IndusInd Bank and Gensol. ICAI's Financial Reporting Review Board (FRRB) has started reviewing the financial statements of the two entities and depending on the findings, disciplinary action will be initiated against the auditors concerned. New Delhi, Jun 18 (PTI) Chartered accountants' apex body ICAI on Wednesday said it will take at least six months to complete the review of the financial statements of fraud-hit IndusInd Bank and Gensol Engineering and ascertain whether there were audit lapses at the two entities. FRRB is reviewing the IndusInd Bank's financial statements for 2023-24 and 2024-25 and that of Gensol Engineering and BluSmart Mobility for 2023-24. If the FRRB finds that the books of the entities were not true and fair, the matter will be referred to ICAI's disciplinary committee for further action. Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding that Rs 674 crore was incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator Sebi barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. Nanda also informed that ICAI will host the GCC Summit Series on the theme 'From Ledger to Global Leadership: Chartered Accountants Shaping Global Capability Centres'. In this series, the first summit will be held in New Delhi on June 27–28, 2025, with regional editions to follow in Ahmedabad (GIFT City), Mumbai and Hyderabad. The initiative aims to reinforce India's growing leadership in the Global Capability Centres (GCC) ecosystem, highlighting the critical and evolving role of Indian Chartered Accountants in the global services landscape. The summit series will bring together industry stalwarts, policymakers, academicians and global stakeholders to discuss emerging trends, foster strategic partnerships and catalyse innovation in the GCC space. ICAI said several government bodies have extended their support to the GCC Summit Series as Eco Partners, including the Ministry of External Affairs (MEA), Ministry of Electronics and Information Technology (MeitY), IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur. With over 1,800 GCCs currently operating in India and employing more than 1.9 million professionals, the country has firmly positioned itself as a global hub for finance, innovation, and business operations. 'India is uniquely positioned to lead the next phase of the GCC evolution. Chartered Accountants are central to driving digital finance, regulatory integrity and global governance,' Nanda said. ICAI, this year, has constituted a dedicated group under its Directorate of International Trade, Services & WTO to promote India as a global hub for accounting and finance-focused GCCs. This initiative seeks to strengthen the contribution of Chartered Accountants in finance leadership and global operations, leveraging Bharat's skilled talent pool to build a GCC-ready workforce. Chartered accountants, Nanda said, are playing a pivotal role in delivering strategic and operational excellence in areas like finance, compliance, taxation, risk management, governance, and business analytics. Their growing presence and influence within GCCs underscore their importance in navigating today's complex global business environment. PTI NKD NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
18-06-2025
- Business
- Business Standard
Initial review of IndusInd and Gensol to be over in 6 months: ICAI
The Institute of Chartered Accountants of India (ICAI) is likely to complete an initial review of IndusInd and Gensol Engineering in six months, said its president on Wednesday. Charanjot Singh Nanda spoke to reporters in New Delhi after announcing global capability centres (GCC) summits that ICAI will host later this month in New Delhi, Ahmedabad (GIFT City), Mumbai and Hyderabad. ICAI's Financial Reporting and Review Board (FRRB) recently undertook a review of IndusInd Bank's financial statements and the statutory auditor's reports on the lender for FY24 and FY25. FRRB is also reviewing Gensol Engineering and BluSmart Mobility, which are linked companies, for FY24 on its own. The FRRB will make recommendations to the disciplinary committee on whether action is required to be taken against professionals involved in vetting the companies' finances. The FRRB reviews compliance with the reporting requirements of various applicable statutes, Accounting Standards, Standards on Auditing. Nanda said an Indian version of Big 4 can be achieved by merging companies or forming a new one altogether, but it would require regulatory support. 'We need to have an equitable field and then the government would have to provide support to the Indian firms. We have the talent pool and are fully equipped to achieve this,' Nanda said. The ICAI, along with the Securities and Exchange Board of India (Sebi) and the National Stock Exchange (NSE), is in the process of determining early warning signs of fraud and lapses in companies. 'These will primarily be for listed companies but can be used by all companies as they will provide a template,' Nanda said. Nanda said the ICAI has formed a dedicated group focused on promoting India as a global accounting and finance hub for GCCs. He said India hosts over 1,800 GCCs, collectively employing more than 1.9 million professionals and contributing over $64 billion annually to the global economy. 'The world's leading organisations are not just outsourcing processes to India, they are bringing their most strategic and knowledge-intensive work to our shores,' Nanda added. India is no longer a support centre but the hub of global innovation, cybersecurity, analytics and artificial intelligence-driven innovation.
Time of India
18-06-2025
- Business
- Time of India
ICAI to wrap up initial review of Gensol, IndusInd books in about six months
A key panel of the Institute of Chartered Accountants of India ( ICAI ) could wrap up its review of the books of crisis-ridden Gensol Engineering and IndusInd Bank in about six months, the institute's president Charanjot Singh Nanda said on Wednesday. While Gensol is facing allegations of fraud, the crisis at IndusInd Bank has stemmed from discrepancies in its forex derivative portfolio. Usually, if the ICAI's Financial Reporting Review Board (FRRB) concludes that the financial statements of the entities that are being reviewed are 'not true and fair', it refers the matters to the institute's disciplinary committee for subsequent action against the auditors concerned. Nanda was announcing the Global Capability Centres (GCC) summit series being hosted by the institute on June 27-28 in the national capital. This summit will be organised in Ahmedabad, Mumbai and Hyderabad between August 2025 and February 2026. Responding to a question on the Byju's case, Nanda said the matter is being heard by the ICAI's disciplinary committee. The FRRB, which had examined Byju's financial statements for 2019-20 and 2020-21 after the alleged corporate governance lapses there, referred the case to the disciplinary committee for deciding on action against auditors. The institute will reconstitute its disciplinary committee for the current year by Thursday, Nanda said. Typically, the disciplinary committee has four benches of five members each. Two of the members in each bench are government nominees. Nanda said the ICAI, along with capital markets regulator Sebi and the National Stock Exchange—is working towards devising a framework to detect potential fraud or lapses in listed companies early. A group comprising senior officials of the ICAI and Sebi, among others, has been set up for this purpose, he added. Domestic 'Big Four' As for the government move to facilitate the creation of large home-grown accounting and advisory firms in India comparable to the 'Big Four', Nanda said this could be realised through tie-ups of Indian firms with the global ones and through merger of some domestic firms, among others. He said as the country moves forward to create these larger entities, some regulatory support would be required. Currently, the Big Four—EY, Deloitte, KPMG, PwC—along with Grant Thornton and BDO dominate the Indian audit ecosystem. 'We have the talent pool and we are fully equipped to achieve this,' he added. Earlier this month, the Prime Minister's Office held a crucial meeting on facilitating the creation of the domestic 'Big Four'. Nanda said the institute has set up a group to promote India as a global accounting and finance hub for global capability centres (GCCs). India currently hosts over 1,800 GCCs that collectively employ more than 1.9 million professionals and contribute over $64 billion a year to the global economy. 'This is not merely a success story of scale; it is a story of value, trust, and leadership,' he said.
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Business Standard
18-06-2025
- Business
- Business Standard
ICAI to complete IndusInd, Gensol review in 6 months: Charanjot Singh Nanda
The Institute of Chartered Accountants of India (ICAI) is likely to complete the initial review of IndusInd Bank and Gensol Engineering within the next six months, the institute's president, Charanjot Singh Nanda, told reporters on Wednesday. Nanda was announcing the Global Capability Centres (GCC) summit series being hosted by ICAI later this month in New Delhi, Ahmedabad (GIFT City), Mumbai and Hyderabad. The ICAI's Financial Reporting and Review Board (FRRB) has recently undertaken the review of the financial statements and the statutory auditors' reports of IndusInd Bank for the financial years 2023–24 and 2024–25. The board is also looking into the same for Gensol Engineering and BluSmart Mobility Private Limited for the financial year 2023–24 on a suo motu basis. The FRRB will make its recommendations to the disciplinary committee on whether further action is required to be taken against the professionals. The FRRB reviews compliance with the reporting requirements of various applicable statutes, accounting standards and standards on auditing. On the setting up of an Indian Big Four advisory firm, Nanda said it could be achieved through the merger of some firms or the formation of a new firm altogether, but it would require substantial regulatory support. 'We need to have an equitable field and then the government would have to provide support to the Indian firms. We have the talent pool and are fully equipped to achieve this,' Nanda said. The ICAI, along with the Securities and Exchange Board of India (Sebi) and the National Stock Exchange (NSE), is also in the process of determining early warning signs of fraud and lapses in companies. 'These will primarily be for listed companies but can be used by all companies as they will provide a template,' Nanda said. Nanda said the ICAI has formed a dedicated group focused on promoting India as a global accounting and finance hub for GCCs. He said India hosts over 1,800 GCCs, collectively employing more than 1.9 million professionals and contributing over $64 billion annually to the global economy. 'The world's leading organisations are not just outsourcing processes to India, they are bringing their most strategic and knowledge-intensive work to our shores,' Nanda added. The ICAI president stressed that India was no longer just a support centre but the epicentre of global innovation, cybersecurity, analytics and AI-driven transformation.
Business Recorder
18-06-2025
- Business
- Business Recorder
India audit watchdog to complete probe of Gensol, IndusInd Bank within six months, official says
NEW DELHI: The Financial Reporting Review Board (FRRB) will complete its probe into audit reports of Gensol Engineering and IndusInd Bank within six months, the president of the country's audit watchdog said Monday. 'The FRRB will scrutinise all audit documentation to determine if any issues exist and will submit its report within six months,' said Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India (ICAI). Gensol Engineering is facing regulatory action amid concerns that it may have diverted business funds raised for personal purchases. India's markets regulator in April barred Gensol Engineering's founders from the securities markets, alleging that they routed company funds to related parties and used them for unrelated expenses, treating the company's funds as a 'promoters' piggybank.' Promoters in Indian markets are large shareholders who can influence company decisions. IndusInd Bank CEO quits as accounting lapse triggers management shakeup If the review finds audit reports fail to present a true and fair view, the FRRB may refer the matter to ICAI's disciplinary committee for appropriate action against auditors, Nanda told reporters in New Delhi. Separately, IndusInd Bank disclosed in March that years of incorrect accounting of internal derivative trades led to a $230 million hit to its accounts for the financial year ended March 31. An internal audit of its microfinance business found about $80 million was incorrectly recorded as interest across three quarters, which it reversed in January.
