The Confederation has requested the Reserve Bank of India of Indian Industry to review the circular issued in April on the appointment of an auditor for banks and NBFC.
"The circular recommends certain changes that may be counterproductive and are likely to cause significant hardship and challenges to stakeholders, without appreciable enhancement in governance or audit quality," the CII said.
The CII said the current rules structure might prove a difficulty in business in this pandemic situation.
"Auditors will have to be appointed for a continuous period of three years, and there should be a cooling-off period of six years before their next appointment," the RBI circular said.
The rules will be applied from the current fiscal year; banks will be given the liberty to impose the restrictions from the second half of this fiscal year.
"Accordingly, focusing on these changes, at this juncture, would cause avoidable hardships and may become impractical to implement. It is requested to keep the notification in abeyance for some time, till industry/corporates hopefully attain normalcy in businesses," the industrial body said.
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