Technical charts for the domestic indices, meanwhile, suggest some resistance ahead. Analysts says it s a buy on dips market. Here s breaking down the pre-market actions:
New auditing rule book to ensure no repeat of IL&FS, DHFL-like fiascos
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Synopsis
Rules likely to improve transparency and build confidence in audit industry, say many analysts, who also flag initial operational issues
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The long shadow of IL&FS,
DHFL and Yes Bank has reportedly prompted the central bank to stay firm on its stand that financial businesses must comply with the latest auditing norms, which simultaneously seek to lift standards, decentralise the industry and prevent conflicts of interest involving the various revenue streams at consulting companies.
Large audit firms either linked to or affiliated to the Big Four currently dominate the audits of financial services companies. The new guidelines are expected to give opportunities to small and mid-sized Indian audit firms, potentially increasing competition, breaking old links and bringing in more scrutiny.
The time has come for India’s central bank to print money to help save the economy, says India’s top private banker Uday Kotak, who defended the drastic move, declaring: “Right now, we need to use the steroids to save the Indian economy for sustained growth going forward.”
Kotak, who’s the founder and managing director of Kotak Mahindra Bank as well as being president of the Confederation of Indian Industry (CII), also said in a lengthy interview on NDTV late on Wednesday that the government must simultaneously help people at the bottom of the financial pyramid.
“Direct cash transfers (should be given) to the poorest of the poor for meeting their day-to-day needs” and the government should also look at providing “direct medical benefits to the poorest of the poor,” the billionaire banker said. In addition, work programmes like NREGA, “should be strengthened,” Kotak said. Putting cash in the hands of the poor would help sustain consumer demand which has been fl
Failure to comply with the new rules will result in digital platforms losing their ‘intermediary status’ that grants them immunity against liabilities for any third-party information hosted by them