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October 12, 2021

RBI bars Haribhakti & Co. LLP from undertaking audits in regulated entities

by CA Shivam Jaiswal in RBI

RBI bars Haribhakti & Co. LLP from undertaking audits in regulated entities

Reserve Bank of India

October 12, 2021.

Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934

1. The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No 103523W / W100048), from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022. 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 RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company.

2. This will not impact audit assignment/s of M/s Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22.

(Yogesh Dayal)

Chief General Manager

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