SEBI-appointed committee questions EY’s ability as auditor in NSE’s cash, currency derivative co-location case

The Securities and Exchange Board of India-appointed technical advisory committee (TAC) has questioned EY’s credentials as an independent forensic auditor for its inability to come up with a clear verdict in the NSE co-location cash and currency derivatives audit.The TAC feels EY is compromising its future as an independent forensic auditor by not reaching a conclusion despite ‘obvious findings’.The minutes of the TAC’s meeting in New Delhi on June 14, of which Moneycontrol has a copy, observed that “EY, based on its finding has not arrived at clear-cut references/conclusions, despite the evidence noted during its audit. Committee wondered why a forensic firm like EY is incapable of drawing conclusions from obvious findings and does it compromise as a position of independent forensic auditor in future.”Close The case first surfaced in July 2016 when SEBI ordered a probe, including forensic examination on NSE’s co-location facility. This followed allegations that few trading members on the NSE made a killing by unfairly gaining faster access to the price feeds with help from some employees. Later, in February 2017, SEBI ordered the forensic audit of cash and currency derivative segments also. related news Ask Nilekani or God, says SEBI chief on Infosys chairman’s ‘God’… Read full this story

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