Financial Watchdog Imposes 7-Year Ban On Former Deloitte Partner Over Il&FS Unit Audit

The National Financial Regulatory Authority (NFRA) on Wednesday imposed a seven-year audit ban on a former partner of Deloitte's India unit for lapses in the audit of an infrastructure lender whose debt defaults sparked a credit crisis in 2018. The NFRA also imposed Rs 25 lakh ($33,500) fine on Udayan Sen for professional misconduct while inspecting the books of IL&FS Financial Services Ltd (IFIN) for financial year 2017/2018.