SEBI Asks PTC India Financial Services Not To Change Board till Completion of Forensic Audit
Moneylife Digital Team 29 June 2022
Securities and Exchange Board of India (SEBI) has asked PTC India Financial Services (PFS) not to make any changes to the company’s board until completion of the forensic audit.
 
Earlier in January, SEBI had asked PFS to address corporate governance and other issues raised by its former chairman and outgoing independent directors before holding its board meeting.
 
On 19 January 2022, three independent directors—Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew—resigned en masse from the board of PFS, citing corporate governance and other issues. 
 
In a regulatory filing, PFS says, “Given that SEBI has provided a specific action to the company vide SEBI email dated 13 May 2022—‘PFS is advised to not change the structure and composition of the PFS Board, till the completion of a forensic audit by CNK & Associates LLP and submission of report by the risk management committee (RMC) of PTC India.” 
 
The company is advised to continue to comply with these specific instructions issued by SEBI in the matter, it added. PFS, promoted by PTC India, is registered with RBI as a non-banking financial company (NBFC). The systemically important non-deposit-taking NBFC has been classified as an infrastructure finance company (IFC) by RBI. 
 
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