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RBI bars Srei auditor Haribhakti for two years

Order to take effect from April 1, 2022

October 12, 2021 10:54 pm | Updated 10:54 pm IST - MUMBAI

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, in this February 2, 2016 file photo. Reserve Bank of India (RBI) Governor Raghuram Rajan and India's bankers are staking out sharply opposing positions ahead of talks on revamping the central bank's management of cash conditions to ease severe liquidity shortages. REUTERS/Danish Siddiqui/Files

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, in this February 2, 2016 file photo. Reserve Bank of India (RBI) Governor Raghuram Rajan and India's bankers are staking out sharply opposing positions ahead of talks on revamping the central bank's management of cash conditions to ease severe liquidity shortages. REUTERS/Danish Siddiqui/Files

The Reserve Bank of India (RBI) has debarred audit firm Haribhakti & Co. LLP from undertaking audit assignments in any entity regulated by the central bank for two years with effect from April 1, 2022. This is the first such action taken under section 45MAA of the RBI Act.

“This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by the RBI with respect to its statutory audit of a systemically important non-banking financial company,” RBI said in a circular. According to sources, the matter pertains to the audit of Srei Infrastructure Finance and Srei Equipment Finance, whose boards were recently superseded by the RBI. “This will not impact audit assignment/s of Haribhakti & Co. LLP in RBI-regulated entities for the financial year 2021-22,” the RBI clarified.

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