SEBI Proposals to regulate CAs and CSs: ICAI forms Committee to Review

ICAI - Valuation

The Institute of Chartered Accountants of India ( ICAI ) has formed a Group to examine the Consultative paper on proposed SEBI (Fiduciaries in the Securities Market) (Amendment) Regulations and formulate its comments on the areas affecting the profession of Chartered Accountants.

Pursuant to the authority given to the President by the Council at its 373rd meeting held on 12th February 2018, the President has constituted a group comprising of the following members:

  1. (Dr.) Debashis Mitra, Convenor
  2. Nilesh S. Vikamsey
  3. Tarun J. Ghia
  4. M.P. Vijay Kumar
  5. Kemisha Soni
  6. Sanjiv Kumar Chaudhary
  7. Sanjay Vasudeva
  8. Shri Vijay Kumar Jhalani
  9. Sarika Singhal, Deputy Secretary will act as Secretary to the Group.

“The Group will study/examine the Consultative paper on proposed SEBI (Fiduciaries in the Securities Market) (Amendment) Regulations and formulate its comments on the areas affecting the profession. The Group is requested to submit its report to the Council within 15 days,” ICAI said.

Last week, the Securities Exchange Board of India (SEBI) has proposed to stringent the rules for auditors and Valuers hired by listed companies for auditing financial results as the Auditing lapses have caused several frauds to go unnoticed for years and there is no direct control by SEBI on the auditing firms.

This is in the light of recent scams including the most recent PNB scam, wherein auditing lapses have caused and the same remained unnoticed for years and the capital market regulator has had no direct control over the auditing firms.

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