ICAI investigating CAs for a possible role in the registration of Chinese loan applications

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The Institute of Chartered Accountants of India (ICAI) is investigating the role of several chartered accountants (CAs) in assisting Chinese loan apps that are setting up shop in India and operating in a regulatory grey area.

According to an ET report, some CAs allegedly signed various documents for these apps, including incorporation documents, without performing proper due diligence. For the uninitiated, any company seeking to enter the lending business must be licenced by the Reserve Bank of India as a non-banking financial company (NBFC) (RBI). Even for Indian entities, this process is quite stringent, and it becomes even more difficult for foreign companies.

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ICAI investigating CAs for a possible role in the registration of Chinese loan applications

The Institute of Chartered Accountants of India (ICAI) is investigating the role of several chartered accountants (CAs) in assisting Chinese loan apps that are setting up shop in India and operating in a regulatory grey area.

According to an ET report, some CAs allegedly signed various documents for these apps, including incorporation documents, without performing proper due diligence. For the uninitiated, any company seeking to enter the lending business must be licenced by the Reserve Bank of India as a non-banking financial company (NBFC) (RBI). Even for Indian entities, this process is quite stringent, and it becomes even more difficult for foreign companies.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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