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IFIN: NFRA slaps ₹15-lakh fine, five-year ban on Deloitte partner Baid

Our Bureau New Delhi | Updated on July 30, 2020 Published on July 30, 2020

IL&FS logo   -  REUTERS

This is third disciplinary action in IL&FS Financial Services matter by the audit regulator in last 10 days

Audit regulator NFRA has slapped a fine of ₹15 lakh and a five-year ban on Deloitte Haskins & Sells (DHS) Partner Shrenik Baid in the IL&FS Financial Services (IFIN) audit matter for 2017-18.

This is the third disciplinary action by the National Financial Reporting Authority (NFRA) in the last 10 days in the IFIN matter.

Even for the latest action, NFRA has said that its 92-page order will not come into force up to July 31 as per the directions of the Delhi High Court in June.

Also read: IL&FS: NFRA’s ban on Deloitte’s Daruvala shows regulator will focus on audit firms’ review processes

Baid has been visited with the ₹15-lakh fine and five-year ban for professional misconduct in the statutory audit of IFIN for 2017-18.

It may be recalled that NFRA had recently imposed ₹25 lakh fine and seven-year ban on former Deloitte India CEO Udayan Sen and ₹5 lakh fine and five-year ban on Rukshad Daruvala, who was the Engagement Quality Control reviewer in the IFIN statutory audit for 2017-18.

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Published on July 30, 2020
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