On Tuesday, April 23, the non-banking financial company IIFL Finance Ltd said that a special audit has started per the Reserve Bank of India’s (RBI) directive.
According to a stock exchange filing, “We wish to inform you that the special audit directed by the Reserve Bank of India (RBI) has commenced as of today, April 23, 2024, in compliance with the requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.”
This comes after the RBI placed an embargo on March 4, 2024, which prevented IIFL from disbursing any more gold loans until the audit was satisfactorily completed. Concerns over certain loan disbursement procedures led to the RBI’s supervisory action.
IIFL Finance responded to the mandate by reiterating its dedication to provide the special audit team with complete cooperation. The company promised to notify the stock exchanges and all pertinent parties of any major developments pertaining to the audit’s progress.
IIFL Finance Ltd.’s shares closed at ₹410.65 on the BSE, up ₹1.84, or 0.45%.
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