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Nasscom against Sebi diktat, opposes forensic audit disclosure rule

Nasscom against Sebi diktat, opposes forensic audit disclosure rule
Nasscom against Sebi diktat, opposes forensic audit disclosure rule
In its recommendations, Nasscom has said that disclosures related to ordering of forensic audit should be limited to audits initiated by the Indian regulatory agencies.

Synopsis

Last week, Sebi made it mandatory for listed companies to disclose details of forensic audits immediately after initiation. Once the audit is finished companies are also required to disclose the comments of management on these reports.

Mumbai: Leading information technology companies are pushing back against the Securities and Exchange Board of India’s (Sebi’s) new disclosure norms regarding forensic audits in a rare show of opposition to a regulatory diktat. The National Association of Software and Service Companies (Nasscom), the lobby group for IT companies, shot a letter to the market regulator earlier this week saying that the rules are ‘unprecedented’. It will have “an
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