SEBI orders forensic audit of Future Retail’s statements

MUMBAI: The Securities And Exchanges Board of India (SEBI), the country’s regulatory authority has ordered a forensic audit of the statements of Future Retail, a subsidiary of Future Group for the FY2020, FY2021, and FY2022, as per a regulatory filing.

Future Consumer Ltd, a subsidiary of Future Retail said in a regulatory filing that it received an email from the capital market regulator on Wednesday regarding the audit.

“Sebi has reasonable grounds to believe that the disclosure of financial information and the business transactions in the matter of Future Retail, have been dealt with in a manner which may be detrimental to the interest of the investors or the securities markets and/or an intermediary or a person associated with the securities market may have violated the provisions of Sebi Act,” it said in the letter.

Future Consumer and Future Enterprises on Thursday disclosed to the exchanges about the directive from the market regulator to Future Retail. Chartered Accountants Chokshi & Chokshi have been appointed as forensic auditor.