ICAI - The Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India has recently received a communication dated September 23, 2005 from the Department of Non Banking Supervision of the Reserve Bank of India (RBI) in respect of the role that can be played by the statutory auditors of Non Banking Financial Companies (NBFCs) in fighting the menace of vanishing NBFCs. The Reserve Bank, in its said communication, has desired that the statutory auditors of an NBFC inform the Regional Office of the RBI under whose jurisdiction the NBFC is functioning on their appointment or cessation as statutory auditors of the NBFC concerned.

Members are requested to ensure compliance with the above-mentioned requirement of the Reserve Bank of India.

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