The move also comes against the backdrop of Financial Technologies India Ltd (FTIL) statutory auditor Deloitte Haskins & Sells withdrawing its report certifying accounts of the company for 2012-13 fiscal amid the Rs 5,500 crore payment crisis at the National Spot Exchange Ltd (NSEL).
A senior official of the Institute of Chartered Accountants of India (ICAI) said the regulator would look at the issues related to FTIL and the spot commodity exchange.
Specific details were not available immediately.
Raising serious doubts on accounts of Jignesh Shah-led FTIL, Deloitte Haskins & Sells has withdrawn its audit report saying the financial statements for 2012-13 financial year cannot be "relied upon" any "longer" in the wake of NSEL payment cr isis.
According to sources, the withdrawal came since NSEL's auditor Mukesh P Shah & Co also withdrew the report.
National Spot Exchange Ltd (NSEL), a firm owned by FTIL, has defaulted on six consecutive weekly payments to be made to its 13,000 investors.
"Due to the purported crisis at NSEL in the recent past and based on the communication of management of NSEL and the statutory auditor of NSEL on the financial statement of NSEL, the statutory auditors of the company on September 23 informed that the audit report dated May 30, 2013 on the standalone and
the consolidated financial statements of the company for the year-ended March 31, 2013 should no longer be relied upon," FTIL said in a regulatory filing today.
The audited accounts were to be placed for FTIL's annual shareholder meeting tomorrow but the auditor red-flagged the financial statements and withdrew its report.
via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG3eEHarkWa4WflFOSkp6rQKEUbfg&url=http://profit.ndtv.com/news/corporates/article-accounting-regulator-to-look-at-financial-tech-nsel-issues-327631
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