Who is my regulator?

RBI's recent actions against auditors highlight the need for role clarity as well as coordination among regulators

The Reserve Bank of India (RBI) governor drew our attention earlier this week to the importance of accurate financial information for resource allocation, market confidence and financial stability. Establishment and enforcement of accounting and audit standards and the regulation of the profession which practices this occupation is therefore crucial for financial markets and the economy. 

Earlier in the month, the RBI issued an order debarring a firm of chartered accountants from undertaking any type of audit assignment in any RBI regulated entity for a period of two years. This action has been taken, according to the RBI press release, on account