RBI bans Srei Infra’s auditor for two years

Mumbai, October 12

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In an unprecedented move, the RBI on Tuesday banned one of the country’s top chartered accountant firms Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022.

Unprecedented move 

• This is the first time that the RBI has taken such action against an auditor of any systemically important NBFC

Haribhakti & Co LLP was the auditor of Srei Infrastructure Finance Limited (SIFL), whose Board was superseded by the RBI and insolvency proceedings were initiated last week. The term of the firm expired with the conclusion of the 35th annual general meeting (AGM) held on September 19, 2020. — PTI