+
ICAI to Collaborate with SEBI to Detect Frauds after IndusInd, Gensol
ECONOMY & POLICY

ICAI to Collaborate with SEBI to Detect Frauds after IndusInd, Gensol

The Institute of Chartered Accountants of India (ICAI) has formed a partnership with the Securities and Exchange Board of India (SEBI) to detect corporate frauds, following the discovery of financial irregularities at IndusInd Bank and Gensol Engineering. Under the proposed agreement, the ICAI will prepare a working paper to explore potential areas where the two organisations can collaborate. Charanjot Singh Nanda, the president of ICAI, explained on Saturday that a research group would be formed within ICAI to identify areas where meaningful discussions with SEBI could take place. He emphasised that India is a favourable investment destination, and it is crucial for SEBI to ensure the safety of investments. As the regulator for accounting, SEBI aims to involve ICAI in creating an environment that helps reduce fraud.

The Financial Reporting Review Board (FRRB) at ICAI announced last week that it was reviewing the financial statements and statutory auditor’s report of Gensol Engineering and its affiliate, BluSmart Mobility. Nanda mentioned that the review was expected to be completed within the next six months. FRRB officials confirmed that the review process would be a thorough, three-tier exercise.

Before ICAI's decision, the Ministry of Corporate Affairs (MCA) had stated that it was reviewing SEBI's interim order against Gensol Engineering concerning alleged fund diversion and forged documents.

Gensol's fraud came to the market regulator's attention in 2024 when SEBI received a complaint related to share price manipulation and fund diversion within the company. In mid-April, SEBI issued an interim order that prohibited the promoters of Gensol, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding key managerial positions and from dealing in the securities market.

Additionally, the ICAI president shared that the institute is also working on the financial aspects of the 'One nation, one election' proposal, which is currently under consideration.

News source: Financial Express

The Institute of Chartered Accountants of India (ICAI) has formed a partnership with the Securities and Exchange Board of India (SEBI) to detect corporate frauds, following the discovery of financial irregularities at IndusInd Bank and Gensol Engineering. Under the proposed agreement, the ICAI will prepare a working paper to explore potential areas where the two organisations can collaborate. Charanjot Singh Nanda, the president of ICAI, explained on Saturday that a research group would be formed within ICAI to identify areas where meaningful discussions with SEBI could take place. He emphasised that India is a favourable investment destination, and it is crucial for SEBI to ensure the safety of investments. As the regulator for accounting, SEBI aims to involve ICAI in creating an environment that helps reduce fraud. The Financial Reporting Review Board (FRRB) at ICAI announced last week that it was reviewing the financial statements and statutory auditor’s report of Gensol Engineering and its affiliate, BluSmart Mobility. Nanda mentioned that the review was expected to be completed within the next six months. FRRB officials confirmed that the review process would be a thorough, three-tier exercise. Before ICAI's decision, the Ministry of Corporate Affairs (MCA) had stated that it was reviewing SEBI's interim order against Gensol Engineering concerning alleged fund diversion and forged documents. Gensol's fraud came to the market regulator's attention in 2024 when SEBI received a complaint related to share price manipulation and fund diversion within the company. In mid-April, SEBI issued an interim order that prohibited the promoters of Gensol, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding key managerial positions and from dealing in the securities market. Additionally, the ICAI president shared that the institute is also working on the financial aspects of the 'One nation, one election' proposal, which is currently under consideration. News source: Financial Express

Next Story
Infrastructure Energy

L&T to Build India’s Largest Green Hydrogen Plant for IOCL

The plant will be developed on a build-own-operate (BOO) model and will supply 10,000 tonnes of green hydrogen annually to IOCL for a period of 25 years. It will operate entirely on renewable energy, aligning with IOCL’s decarbonisation goals and India’s broader net-zero ambitions.Green hydrogen at the plant will be produced using high-pressure alkaline electrolysers manufactured at L&T Electrolysers Ltd’s facility in Hazira, Gujarat. This initiative further showcases L&T’s commitment to localised, self-reliant clean-tech solutions under the Aatmanirbhar Bharat mission.LTEG’s..

Next Story
Infrastructure Urban

Bansal Wire Q1 Profit Rises 24.6% to Rs 393 Mn

Bansal Wire Industries, India’s largest stainless steel wire manufacturer and second-largest steel wire maker by volume, reported a 24.6 per cent year-on-year rise in net profit to Rs 393 million for the quarter ended June 30, 2025 (Q1 FY26).During the quarter, revenue rose 14.9 per cent YoY to Rs 9,390 million, while EBITDA increased by 19.6 per cent YoY to Rs 745 million, reflecting the company's strong operational performance and focus on value-added segments.According to Pranav Bansal, MD & CEO of Bansal Wire Industries, the company has started FY26 on a strong note, building on the ..

Next Story
Infrastructure Urban

Lemon Tree Opens Keys Lite Hotel in Banswara, Rajasthan

Lemon Tree Hotels has launched its latest property, Keys Lite by Lemon Tree Hotels, Banswara, further expanding its footprint in Rajasthan. This marks the group’s 11th operational hotel in the state and continues its focus on providing quality stays in emerging travel destinations.The newly launched managed hotel features 54 well-appointed rooms, a multi-cuisine restaurant – Keys Café, a fitness centre, and spacious banquet and conference facilities, catering to both leisure and business travellers.Located in southern Rajasthan, Banswara is known as the “City of Hundred Islands” for t..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?