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Indian regulators finally start to regulate

After years of being pilloried for being soft on the firms they have oversight over, the central bank and the markets regulator, it seems, have decided to intervene before another major scam causes systemic damage of the kind that we have seen in the past with IL&FS and DHFL.

Sundeep Khanna
October 20, 2021 / 10:55 AM IST
Indian regulators finally start to regulate

After years of being pilloried for being soft on the firms they have oversight over, the central bank and the markets regulator, it seems, have decided to intervene before another major scam causes systemic damage of the kind that we have seen in the past with IL&FS and DHFL. (Representative image)

The unaccustomed heat of regulatory fire is singeing corporate India’s holy cows, auditors, and rating agencies. Over the last fortnight, Reserve Bank of India (RBI) superseded the Board of Directors of two NBFCs, Srei Infra and Srei Equipment Finance Limited, on governance concerns and defaults by the group companies and initiated insolvency proceedings against both. Simultaneously it also barred the well-respected firm of Haribhakti & Co, auditors to Srei Infrastructure Finance for 2019-20, from undertaking any kind of audit assignments,...

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