NFRA bars another auditor for 5-years, slaps Rs 15 lakh fine in IL&FS case

The National Financial Reporting Authority (NFRA) has barred another auditor for five years for alleged professional misconduct in the statutory audit of IL&FS Financial Services Ltd (IFIN) for 2017-18.

The watchdog has also slapped a fine of Rs 15 lakh on Shrenik Baid, who was a partner in the statutory audit.

Baid is at least the third auditor against whom action has been taken by NFRA in the IFIN matter. Deloitte Haskins and Sells LLP conducted the statutory audit of IFIN for 2017-18.

However, the regulator said its order would not come into force till July 31 due to a