Audit firm finds goods in e-series contracts intact: NSEL

Embattled NSEL has blamed the audit firm Chokshi and Chokshi, appointed to conduct the forensic audit on e-series contracts, for exceeding its brief in its draft report.

Without detailing its objections, NSEL said since the auditors have digressed far beyond the terms of reference, NSEL has appropriately responded to the same in its management response, and has requested Forward Markets Commission (FMC) to consider the same, before taking necessary steps.

NSEL has also pointed out that many of the issues raised in the audit report were actions taken solely under the direction of the erstwhile MD and CEO Anjani Sinha, against whom criminal actions have been initiated, and his team.

Though the exchange has received the draft report, it has requested FMC to provide a copy of the audit report.

However, the draft report has inter alia reiterated that “based on the review of information received from the custodian, depository and exchange data, quantity of goods was found to be matching as per the reconciliation exercise carried out by auditors”, the exchange said in a press release.

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