Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TDS :: VAT Audit :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd
 
 
News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

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 2016 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