The Institute of Chartered Accountants of India (ICAI) has announced a strategic partnership with the Securities and Exchange Board of India (SEBI) to enhance financial fraud detection, following recent irregularities at IndusInd Bank and Gensol Engineering.
Under the agreement, ICAI will prepare a working paper outlining key areas where collaboration with SEBI can improve corporate governance and investor protection. ICAI President Charanjot Singh Nanda emphasized that the initiative aims to create a fraud-resistant financial ecosystem, ensuring that India remains a secure investment destination.
The move comes after SEBI’s interim order against Gensol Engineering, which uncovered fund diversion and forged documents. SEBI has barred Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi from holding managerial positions and participating in the securities market.
ICAI’s Financial Reporting Review Board (FRRB) is currently reviewing the financial statements and statutory audit reports of Gensol Engineering and its affiliate BluSmart Mobility. The review, expected to conclude within six months, will determine whether auditors failed to detect fraudulent activities.
Additionally, ICAI is working on the financial framework for the “One Nation, One Election” proposal, reinforcing its commitment to policy-driven financial oversight.
Stay tuned for further updates on ICAI and SEBI’s joint efforts to combat financial fraud.
