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Considering the "mammothness" of the irregularity perpetrated on Punjab National Bank (PNB) in the Nirav Modi scam, the CA Institute on Friday said that it has "suomoto" triggered its disciplinary mechanism.
The CA Institute, as regulator of audit profession, has now written to the bank concerned (PNB) and also all other investigating agencies (SEBI, ED and CBI) requesting them to provide requisite details of their investigations in PNB matter.
A High-Powered group has also been constituted to study the systemic issues in the PNB matter and suggest remedial measures and improvement in the banking system to ensure preventive measures to avoid such type of incidents, said a statement issued by the CA Institute here on Friday evening.
"It needs to be emphasised that ICAI would be actively pursuing the issue with the concerned agencies and stakeholders so as to examine the matter in detail to suggest improvements", the statement added.
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