sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling

ICAI mulls action against audit firm
August, 23rd 2007
The Institute of Chartered Accountants of India (ICAI) may consider action against Haribhakti & Co, the internal auditor of Karvy Stock Broking Ltd, for failing to report multiple depository account opening for IPO scamsters.
 
The move comes after the Parliamentary Standing Committee on Finance recommending stringent action against Haribhakti.
 
Following this, the finance ministry had in December 2006 conveyed this recommendation to the ICAI and advised it to complete proceedings against the accountancy firm by not later than June 30, 2007.
 
In a follow up meeting, held on July 25, 2007, the ICAI assured the finance ministry that it would expedite the matter and bring it up at its Central Council meeting in September for taking a view on the matter.
 
Under the disciplinary mechanism of ICAI, after full verification of facts, if found guilty, we can terminate the accused persons certificate of practice and remove his name from our list of members, an ICAI official, who requested anonymity, said.
 
ICAI President Sunil Talati was not available for comment. ICAI asked us to clarify on the issue and we have clarified the matter. The institution has not taken any decision. We have followed all guidelines faithfully and have not done anything wrong, said Shailesh Haribhakti.
 
Securities and Exchange Board of India (Sebi) in an interim order on April 27, 2006 on the IPO scam during 2003-05, had blamed Haribhakti & Co for its failure to detect multiple account opening by Karvy Stock Broking.
 
According to Sebi, manipulators gained Rs 115.82 crore during 2003-05 by fraudulently cornering the shares meant for retail investors in IPOs of various companies like Yes Bank and IDFC.
 
Sebi has set up a committee, headed by a retired Supreme Court Judge, to advise it on the manner on which reallocation of shares would be done to genuine retail investors.
 
The IPO scam happened due to the failure of a few intermediaries to exercise due diligence and opened numerous demat accounts and bank accounts in fictious names without adhering to Know-Your-Customer norms.
 
Sebi and RBI have taken action against banks and market participants found guilty in the scam.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions