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Below the line

| Updated on June 13, 2021

Sending a strong message

It is now well known that the National Financial Reporting Authority (NFRA) and the CA Institute don't see eye to eye on several fronts.

However, both want the society to believe that they respectively fit the bill of being a regulator of the audit profession in the turfs demarcated to them.

But not a chance is missed in showing one-upmanship. The latest instance being the consultation paper issued by NFRA, where the Authority has prominently stated that “NFRA is the first independent regulator for accounting and auditing in India.”

Now that hurts and may even be seen as hitting the CA Institute below the belt.

The cheeky question now doing the rounds in corporate circles and audit fraternity is: Does this mean that CA Institute has never been independent as a regulator of audit profession since 1949, when the CA Act was enacted?

It is now time for the CA Institute to do some soul searching or quietly acknowledge that it has lost its regulatory crown to NFRA, which came into the scene only in 2018 and now wants to clearly assert itself as the lord of the financial audit market.

Moving into la-la land

The proxy advisory firm, which came out with a scathing report on the recent PNB Housing-Carlyle Group transaction announcement, is clearly flying into uncharted territory, according to corporate observers.

Expecting PNB to sell its rights entitlement in the market is unreasonable, far-fetched and akin to living in la-la land, they felt.

No public sector banker would like to invite the CBI and CVC at his/her doorstep for a subjective matter like selling of rights entitlement in the markets, they point out.

Bitcoin puzzle

El Salvador’s decision to recognise Bitcoin as legal tender has thrilled cryptocurrency enthusiasts across the world. In India, crypto investors and experts are wondering if the government will now have to recognise it as a foreign exchange.

“If Bitcoin is legal tender in El Salvador, then would it not have to be accepted as foreign exchange in India?” experts are now asking. Some clarity from the government is needed.

Clash of ideologies

Eatala Rajendar, the Telangana Health Minister and senior TRS leader who was sacked and later resigned as an MLA, is all set join the BJP.

What is interesting is how Rajendar, who says he has Left ideology ingrained in him, will profess his leftist ideas to his right wing ideologues in the BJP. Well, isn’t politics the art of the impossible?

Corona temple

It can happen only in India. A ‘Corona Mata’ temple was set up in a village in Uttar Pradesh to ward off corona.

Not surprisingly, when people started queuing up for the past 3-4 days to offers prayers, cops promptly cracked down and demolished. According to media reports, this was done mainly to quell superstitious practices.

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Published on June 13, 2021

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