COMMITTEE ON ACCOUNTING STANDARDS
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
Delhi hospital fire: How unchecked private nursing homes thrive amid high costs & poor infra
The high costs of medical care at private corporate hospitals in Delhi, combined with inadequate infrastructure at government facilities, have led to a significant increase in the demand for private nursing homes. Unfortunately, these facilities often disregard regulations, with little effort from the administration to ensure compliance and accountability.
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
Government gets Rs 2.11 lakh crore from RBI by way of dividend
The Reserve Bank of India (RBI) has transferred a record surplus of Rs 2.1 lakh crore to the central government for FY’2023-24, exceeding expectations. This windfall, largely from interest income on overseas securities and income from LAF operations, strengthens the government's fiscal position and may lead to a reduction in borrowing. The surplus, determined by the Economic Capital Framework (ECF), represents 25.5% of RBI's total assets.
Several steps taken to prevent EtO contamination in spices exported from India: Official
India has implemented measures to prevent the contamination of spices exported from the country with EtO (ethylene oxide), a carcinogenic chemical, following reports of recall of products from Indian spice brands in Singapore and Hong Kong. The Spices Board has mandated testing of spice consignments destined for these regions and conducted a root cause analysis, including inspections of processing facilities and sample collection for testing in accredited labs. Mandatory sampling and testing for EtO residues have been enforced for all spice shipments to Singapore and Hong Kong since May 7, 2024, along with reiterated guidelines for EtO treatment for exporters.
US says Israel's use of US arms likely violated international law, but evidence is incomplete
Biden administration suggests Israel's use of U.S. weapons in Gaza may breach international law, lacking specific evidence. Report underscores potential violations. Debate stirs over humanitarian aid restrictions and political motives, fueling tensions between the U.S., Israel, and Congress.
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US says Israel's use of US arms likely violated international law, but evidence is incomplete
The Biden administration suggested that Israel's use of U.S.-supplied weapons in Gaza may have breached international law but stopped short of conclusive evidence due to wartime complexities. While finding "reasonable" evidence of violations, the report did not link specific U.S. arms to individual airstrikes. This assessment could influence future decisions on arms provisions to Israel. Critics argue the review overlooks clear Israeli blocks on aid delivery during the conflict, raising concerns about potential starvation among Palestinians in Gaza.
Has Israel followed the law in its war in Gaza? The US is due to render a first-of-its-kind verdict
The Biden administration is set to determine if Israel's actions in Gaza violate international and U.S. laws, amid scrutiny over its military support for Israel. This decision could influence the flow of weapons and aid to Israel. Critics question whether the U.S. will hold Israel accountable for alleged human rights violations, while supporters argue for maintaining strong ties with Israel. The administration's findings could impact future military assistance to Israel and have broader implications for U.S. foreign policy in the region.
National Statistical Commission gets two more members
India's National Statistical Commission is back to full capacity with the appointment of two new members after a one-year gap. A Ganesh Kumar and Debasis Kundu have been appointed, bringing the panel's strength to five, including the chairman. The commission, set up in 2005, aims to strengthen the statistical system, suggest survey standards, and coordinate with other departments. The appointments come amidst calls for reforming the country's statistics system, with the Prime Minister's Office discussing overhauling measures earlier this year.
Modi govt gave Bihar raw deal: Congress
"Today's questions for PM Modi as he heads to Bihar: Why hasn't Bihar been granted Special Category Status as the PM had promised?" Jairam Ramesh said on X. When will the Modi government address the flooding of the Kosi river and what happened to the airports that the PM promised, he asked.
NCRTC investigation finds lapses by operational staff
An NCRTC probe into a recent derailment on the regional rapid rail project found operational staff lapses. The incident occurred at Duhai depot in Uttar Pradesh, with the high-level committee attributing it to an operational lapse. The committee recommended penal action and refresher courses for staff. The project, aimed at reducing travel time between Delhi and Meerut to less than an hour, involves German rail operator Deutsche Bahn and Alstom.
KYC rules to change: Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds
In its recent meetings, FSDC, chaired by Finance Minister Nirmala Sitharaman, proposed to bring uniform KYC to verify customers, ease inter-usability of KYC records across the financial sector, and simplify the digitalisation of the KYC process. What is uniform KYC? How will uniform KYC ease the process of onboarding? What is going to change for customers? ET Wealth Online explains.
Banks to bring in extra KYC verification layers
Banks are enhancing their KYC standards by adding extra verification layers to identify accounts and account holders. The plan includes updating existing accounts, especially those with a single phone number linked to multiple or joint accounts, and seeking more verification from individuals with multiple accounts opened using different documents. A committee led by finance secretary TV Somanathan is working to standardise and ensure interoperable KYC norms across the financial sector. The move aims to address concerns about slackened KYC norms by fintech companies, which may increase risks for lenders.
Report on audit at Byju's soon: ICAI Chief
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is finalizing its report on the standards and processes followed by the auditor of Byju's, a prominent edtech company. Ranjeet Kumar Agarwal, the new President of ICAI, stated that the report will be the basis for the institute's next steps regarding the matter. The crisis at Byju's emerged following the resignation of three directors and its auditor, Deloitte, due to delays in announcing financial results.
Jairam Ramesh alleges Congress account freeze is Centre's 'politics of revenge'
Congress General Secretary Jairam Ramesh accused the Modi government of freezing Congress and Youth Congress bank accounts as "politics of revenge." Referring to the recent Supreme Court remark on the government, he criticized the BJP for including leaders who left Congress, calling it "Congress Yukt BJP." He also mentioned the ongoing Bharat Jodo Nyay Yatra and Rahul Gandhi's upcoming visit to Kashi Vishwanath temple and interactions with various groups in Uttar Pradesh. On Sonia Gandhi contesting from Rae Bareli, he said it will be decided by the Central Election Committee.
Paytm parent One 97 Communications forms advisory committee to strengthen compliance
The committee will be headed by Meleveetil Damodaran, former chairman of markets regulator Sebi, and "will work closely with the board," Paytm said in a press release.
Paytm to form group advisory committee to strengthen compliance
The move comes after the Reserve Bank of India’s dictat, barring Paytm Payments Bank from onboarding new customers and offering incremental banking services from March, due to concerns regarding breach of and compliance with regulatory norms.
BFSI sector sees surge in demand for legal, compliance professionals
Demand for specialist legal and compliance professionals has surged in the BFSI sector in the past year. Companies are seeking to bolster their in-house legal teams with chief legal officers, chiefs of compliance, and general counsels. The demand is driven by stricter regulatory guidelines, evolving governance structures, and accelerated digitization of the legal system. Companies are also focusing on fair practices and regulatory adherence.
NFRA plans to engage with audit panels of big companies to curb frauds
The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog's thinking told ET.
Additional housing loans for stalled real estate projects to be treated as standard credit
The Reserve Bank of India (RBI) has informed banks that additional housing loans for stalled real estate projects, revived under the government's Special Window for Affordable and Mid-Income Housing (SWAMIH) scheme, can be considered standard loans. This move aims to support the completion of stalled projects. However, the borrower must not own more than two residential properties in a stalled project, and failure to meet payment terms will revert the account to non-performing status.
RBI supersedes Abhudaya Co-operative Bank Board
“ The bank has been showing some financial stress for some time. One of the indicators is fall in profits” said a consultant to cooperative banks requesting anonymity. A long term analysis of financial data shows that profits started falling steeply from 2016 onwards. Net profits fell from a peak of Rs 98 crore in March 2014 to Rs 16.2 crore in March 2020, according to the figures posted on the bank’s website.
There were 47 log-ins to Mahua Moitra's parliamentary account from Dubai, allege sources
TMC MP Mahua Moitra is set to appear before the Lok Sabha's Ethics Committee in response to "cash-for-query" allegations by BJP MP Nishikant Dubey. He accused Moitra of allowing her parliamentary account to be used for asking questions in return for bribes and favors from businessman Darshan Hiranandani in Dubai. As per sources, 47 log-ins to her parliamentary account were made from Dubai.
Letters sent to affiliates of Deloitte, EY, KPMG, Grant Thornton, and two CA firms based in Ahmedabad; Adani Group says it complies with relevant accounting standards & laws
The National Financial Reporting Authority (NFRA) has requested audit affiliates of Deloitte, EY, KPMG, Grant Thornton, and two Ahmedabad-based CA firms to provide information regarding their audit practices while auditing Adani companies. The Adani Group has stated that it has followed all relevant accounting standards and laws. NFRA has been monitoring the Big Four firms for the past 18 months as their affiliates audit most of the top listed companies in India. This move by NFRA may have been triggered by Deloitte's resignation as Adani Ports' auditor in August, following accusations of financial inaccuracies.
High-quality standards to help India become developed economy by 2047: Goyal
There are around 400 standing technical committees in BIS carrying out standardisation work in 16 broad technology areas/sectors covering both core technology areas as well as new and emerging areas like geospatial information, artificial intelligence, blockchain, e-mobility, space research, smart manufacturing, smart farming etc.
View: Why Adani’s grip on banks is tighter than his hold on markets
Despite facing challenges such as a share sale failure and allegations of currying favors from opposition politicians, tycoon Gautam Adani still maintains strong relationships with India's government and global banks. Adani's conglomerate, which has expanded its assets significantly, continues to have substantial relationships with 20 global banks. The conglomerate's hard assets, including ports, airports, mines, power stations, and more, make it an attractive prospect for financing.
PAC calls for stricter measures while undertaking railways maintenance works
The Public Accounts Committee (PAC) of India calls for strict safety measures and adherence to Joint Procedure Orders (JPO) by Indian Railways, following procedural lapses during maintenance works that led to cable faults. The PAC report also highlights that the recent derailment of Coromandel Express is a reminder of the severe consequences of such incidents and requires immediate action, including investing in advanced technology.
Adani Group confident of its governance and disclosure standards: Gautam Adani
The Adani group is confident of its governance and disclosure standards and will strive to improve those further, chairman Gautam Adani said on Tuesday and claimed that Hindenburg Research's report against it was a combination of "targeted misinformation" and "discredited allegations".
RBI panel suggests a host of customer-centric initiatives for banks
An RBI-appointed panel has recommended a range of customer-centric initiatives to be adopted by banks, reports suggest. The initiatives include online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and centralised KYC databases. The panel also recommended operations of accounts should not be stopped pending periodic Know Your Customer updates, as well as a time limit for the return of property documents to borrowers after the closure of a loan account. In May last year, the Reserve Bank set up the committee under former RBI Deputy Governor BP Kanungo.
RBI panel suggests steps to make life easier for bank customers
The committee suggested that the Indian Banks' Association could update its Model Operating Procedure (MOP), in line with regulations, for hassle-free settlement of claims in accounts of the deceased account holders.
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