« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Strict security for ICAI entrance exam... Tatas are the largest tax-paying business house... » 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.