SEBI to ascertain facts from FTIL on auditor's report

Last Updated: Wednesday, September 25, 2013 - 21:38

Mumbai: Market regulator SEBI Wednesday said it was ascertaining facts from Financial Technologies (FTIL) on report of its auditor.

FTIL's auditor Deloitte Haskins & Sells had withdrawn its audit report certifying accounts of the company for FY'13 fiscal as Rs 5,500-crore payment crisis at its group company NSEL ballooned.

"SEBI will ascertain facts from the FTIL on auditors' report," SEBI whole-time member Rajeev Kumar Agarwal told reporters on the sidelines of a function at BSE today.

Agarwal refused to divulge more details.

The audited accounts were to be placed for FTIL annual shareholder meeting today but the auditor withdrew its report.

"The statutory auditors of the company on September 23 had 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 2013, should no longer be relied upon," FTIL said in a filing to the BSE on Tuesday.

The troubled National Spot Exchange (NSEL), owned by FTIL, has defaulted for six consecutive weeks on payments to be made to its 13,000 investors.

Commenting on fit-and-proper tag for MCX-SX, Agarwal said, "Our fit-and-proper criteria is laid out and if there is a breach of that we will act accordingly."


First Published: Wednesday, September 25, 2013 - 21:38

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