ANNUAL INSPECTIONS
First NFRA annual report on eight audit firms by November
The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.
MCD issues fire advisory to health facilities, asks for report by May 31
Health facilities are directed to regularly inspect fire-fighting equipment such as extinguishers, hydrants, and alarms to ensure all are functional, according to the advisory.
Sampling and grading of coal at 427 mines completed; new grades to be applicable for FY24
The Coal Controller's Organisation (CCO), having its field offices at Dhanbad, Ranchi, Bilaspur, Nagpur, Sambalpur, and Kothagudem, carried out the exercise of drawing the coal samples and its analysis from coal and lignite mines for the ongoing financial year.
China to launch 'international manhunt' to target officials involved in graft in BRI projects: Report
The Central Commission for Discipline Inspection (CCDI), the ruling Communist Party of China's anti-corruption watchdog, made the call in a meeting on Tuesday with multiple agencies involved in the cross-border corruption hunt, the Hong Kong-based South China Morning Post reported.
ET analysis: RBI shows the fist to build 'future proof' digital financial ecosystem
Recent penalties on financial intermediaries by the RBI under Governor Shaktikanta Das reflect the regulator's intolerance towards non-compliance. The actions highlight serious violations, including non-compliance with regulations and deviation from good governance. The RBI is focused on improving compliance and transparency in the financial sector.
Audit panel meetings of listed firms must not be reduced to a formality: NFRA chairman Ajay Bhushan Pandey
The National Financial Reporting Authority (NFRA) plans to conduct annual inspections of major audit firms to ensure compliance with standards and protect investors. The regulator will engage with audit committees and boards, expand inspections, and address issues related to financial statements and auditor independence.
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NFRA's first annual inspection of key audit firms to start by April
The regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of which they are the statutory auditors, one of the persons said.
CDSL reviews Paytm Money's KYC process
Paytm Money, the wealth management entity run by One 97 Communications, is being inspected by the Central Depository Services India. Earlier, RBI asked Paytm Payments Bank to stop banking services from the end of this month. However, this order does not have any direct impact on Paytm Money, which operates independently.
In the grip of severe fog: Arsenal for this annual war needs urgent beefing up so that Dec 2023-Jan 2024 isn’t repeated
The inordinate delays, cancellations and chaos that ensued after widespread flight disruptions led to two incidents of air rage that held national attention; both involving IndiGo, the largest player in the sector; both infractions cannot be condoned but were not without provocation. To apportion the blame for the mayhem that unfolded is virtually impossible. But it would be fair to say that almost all the stakeholders have played a part.
NFRA plans annual auditor checks
The regulator's plan comes after it released, late in December 2023, inspection reports on deficiencies in the audit processes of major firms such as BSR & Co, Deloitte Haskins & Sells, SR Batliboi & Co, Price Waterhouse Chartered Accountants LLP and Walker Chandiok & Co.
Digene Gel recall: Goa state warns Abbott India on antacid license suspension
The U.S. based drugmaker is locked in a tussle with drug regulators in the tourist state of Goa in western India after the company, starting August, voluntarily recalled many batches of its Digene Gel syrup produced there after it received customer complaints on taste and odor. Abbott says there is no impact on patient health.
Government orders inspection of edtech major Byju's amid financial, corporate governance concerns
The inspection of Bengaluru-based Think & Learn Pvt Ltd, which operates under the brand Byju's, will be carried out by the corporate affairs ministry, which is implementing the companies law.
Government panel recommends simpler, binary accreditation of Higher Education Institutes including IITs
A government panel report proposes that Indian Institutes of Technology (IITs) be brought into a new national accreditation system. The report reveals a new framework replacing current accreditation regimes, with the system being based on one clear classification system and crowdsourcing to validate data. Currently, just 30% of HEI opt for accreditation, so the new system aims to take account of a greater number of higher education institutes.
AI-based vision inspection startup SwitchOn raises $4.2 million
The company, with 80% of revenues generated from India and 20% from the United States, has raised $5.2 million in total so far.
Border row: All 145 MSRTC buses carrying 7,000 devotees return to Kolhapur from annual fair in Karnataka
In view of the situation, the MSRTC suspended from Tuesday afternoon 382 of its 1,156 services operated daily to Karnataka on instruction of local police and district administration. Talking to PTI, an MSRTC spokesperson said, "All 145 ST buses with repair trucks and inspection teams carrying around 7,000 devotees safely reached Kolhapur from Karnataka early Thursday morning under the protection of the police from the neighbouring state."
US drug regulator resumes surprise inspections in India
"In terms of (inspection) activity (in India) we are getting closer to pre-pandemic levels," Sarah McMullen, country director - India at US Food and Drug Administration (USFDA) told ET, at the sidelines of a recent industry event in Mumbai.
Sebi refuses to disclose NSE inspection reports under RTI
Denying the information, SEBI responded to RTI activist Subhash Agrawal that the information sought by him pertains to its internal functioning, and disclosure of which may hamper decision making in its supervisory and regulatory role.
Indian delegation in Pakistan for annual Permanent Indus Commission meeting
The delegation, headed by the Indian Commissioner for Indus Waters, arrived here via Wagah border on Monday to attend the annual PCIW meeting being organised by the office of Pakistan's Commissioner for Indus Waters under obligations of the Indus Water Treaty-1960, the Dawn newspaper reported.
RBI imposes Rs 1 crore penalty on Union Bank of India
"The RBI inspection revealed non-compliance with rules on classification of an account as red flag account despite presence of early warning signals and also failure to disclose provisioning for Security Receipts (SRs) in its Annual Report," read the circular.
Sebi looks to implement project on automation of inspection, surveillance of MFs
The Securities and Exchange Board of India (Sebi) is eyeing a major technological leap in its surveillance and investigation functions.
Sebi looks to implement project on automation of inspection, surveillance of MFs
The Securities and Exchange Board of India (Sebi) is eyeing a major technological leap in its surveillance and investigation functions.
Southern Naval Command chief reviews infrastructure at training institute in Tamil Nadu
During the annual inspection, Chawla received the Guard of Honour and also inaugurated a new Naval communication network centre, an official release said.
COVID-19 delays NMDC s Chhattisgarh steel plant commissioning planned this year
Experts from foreign countries, engaged in the project work, could not undertake a visit for an inspection and clearance in view of COVID-19 travel restrictions, the city- headquartered NMDC's Chairman cum Managing Director Sumit Deb said.
Auto industry lobbies appeal against 100% inspection of Chinese imports
According to the Automotive Component Manufacturers Association of India (ACMA) import consignments from China were being subjected to one-hundred per cent manual inspection resulting in inordinate delays in clearance.
SC takes strong note of non-disclosure of banks' inspection reports by RBI
A bench comprising justices L N Rao and M R Shah said it may initiate contempt proceedings against the Reserve Bank Of India (RBI) for not disclosing the annual inspection report of various banks under the transparency law.
PNB scam: RBI declines to share copies of inspection reports
The scam, considered to be the biggest ever fraud in India's history, came to light earlier this year. PNB was allegedly defrauded by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.
Gujarat's Annual School Inspection: Will another round change the reality?
The dismal figures had come to light when the state education minister Bhupendrasinh answered a question raised by Congress MLA Tejashreeben Patel.
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