BFSI
BFSI
The banking and financial services sector is a cornerstone of economic growth, facilitating efficient capital allocation, credit flow, and financial stability. Institutions within this sector—including banks, non-banking financial companies, insurance providers, mutual funds, and capital market intermediaries—operate in a highly regulated environment that demands robust governance, comprehensive risk management, and transparent reporting. Adherence to regulatory frameworks and supervisory expectations is critical, given the sector’s systemic importance and the potential impact of operational or financial lapses.
Singh Gulati And Associates brings extensive experience and technical expertise in supporting organizations across this diverse sector. Our engagements are conducted with the highest standards of independence, objectivity, and professional rigor. We focus on delivering solutions that not only ensure compliance with regulatory requirements but also address the unique operational and financial complexities faced by each institution. By combining deep industry knowledge with meticulous attention to risk and governance practices, we help our clients navigate the evolving regulatory landscape while strengthening their operational resilience, ultimately contributing to sustainable growth and confidence in the financial system.
Banking
The banking sector forms the backbone of the financial system, mobilizing household savings into productive investments and providing credit that drives business activity and economic growth. Being a highly regulated sector, banks must comply with extensive frameworks laid down by the Reserve Bank of India (RBI) and other supervisory authorities. These regulations encompass capital adequacy, liquidity norms, asset classification, and disclosure requirements. The combination of economic significance and regulatory oversight makes transparency, governance, and independent evaluation crucial in the banking sector.
Audits and reviews within banking are varied in scope. Statutory central audits and branch statutory audits ensure that banks’ financial statements present a true and fair view. Concurrent audits, conducted alongside operations, provide continuous monitoring of transactions and processes, enabling timely identification of irregularities or gaps. Specialized reviews, including treasury audits, foreign exchange audits, and credit risk assessments, are equally important due to the complexity of banking functions. Collectively, these engagements enhance stakeholder confidence and help meet regulatory expectations.
The rise of technology has transformed banking operations. With digital banking, mobile payments, and online lending platforms becoming mainstream, assurance work now extends to IT systems, cybersecurity, and data privacy. Independent evaluations ensure systems are secure, reliable, and compliant with privacy regulations. As digital innovation progresses, such assessments help banks balance innovation with effective risk control.
Risk management is another critical aspect. Banks must continuously monitor credit exposures, market movements, and operational risks, all of which can impact stability and performance. Independent reviews assess governance and control frameworks, ensuring risks are properly identified, monitored, and mitigated. This approach meets regulatory obligations while reinforcing long-term trust in the financial system.
In addition to routine audits, banks may undergo regulatory-mandated forensic reviews, investigations, or thematic studies in response to emerging sector challenges. These specialized assignments promote accountability and protect stakeholder interests. Combined, statutory audits, continuous monitoring, and independent evaluations strengthen the resilience of the banking sector, helping it remain a cornerstone of economic growth and financial inclusion.
Non-Banking Finance Companies (NBFCs)
Non-Banking Finance Companies (NBFCs) play a vital role in widening financial access, supporting economic activity in areas where traditional banks may not always reach. They serve diverse segments such as housing finance, vehicle loans, microfinance, and infrastructure financing. Unlike banks, NBFCs do not hold a banking license, but they are closely regulated by the Reserve Bank of India (RBI) and must comply with strict norms on capital adequacy, asset classification, and governance. Over the last two decades, their presence has expanded significantly, making them essential to financial inclusion and credit delivery.
Independent audits and reviews are critical for NBFCs, given their reliance on investor confidence and the need to maintain credibility with regulators. Statutory audits ensure accurate financial reporting, while compliance reviews verify adherence to RBI prudential norms. Concurrent audits, receivable audits, and stock audits provide ongoing assurance over asset quality and lending practices. Each engagement requires a deep understanding of the NBFC’s product portfolio, risk profile, and operational framework.
The sector’s rapid growth and occasional stress have emphasized the importance of strong governance and risk management. Challenges such as liquidity pressures, asset-liability mismatches, and concentration risks have increased regulatory scrutiny. Independent assurance helps identify vulnerabilities early and tests whether corrective measures and monitoring frameworks are effective. This approach aligns with RBI supervisory expectations and instills confidence among investors, lenders, and other stakeholders.
Technology is increasingly shaping the NBFC landscape. Digital lending platforms, data-driven credit assessments, and fintech partnerships are expanding rapidly, enhancing access while introducing new compliance, operational, and data security risks. Independent reviews of IT systems and processes are therefore essential. By balancing innovation with compliance, NBFCs can grow responsibly and strengthen their role in financial intermediation.
Overall, NBFCs constitute a dynamic segment of the financial system. Independent audits, regulatory reviews, and risk assessments help support their growth while ensuring governance, transparency, and compliance remain paramount, enabling them to contribute sustainably to economic development.
Capital market intermediaries
Capital market intermediaries form the backbone of India’s securities markets, facilitating transactions between issuers and investors. These include stockbrokers, depositories, clearing corporations, merchant bankers, and other SEBI-registered entities. Their activities are governed by detailed regulatory frameworks covering investor protection, transaction reporting, risk management, and governance standards. Given their role in enabling transparent and efficient markets, intermediaries require continuous oversight and assurance.
Independent audits of capital market intermediaries cover financial reporting, compliance with SEBI regulations, and evaluation of operational controls. Engagements may include annual statutory audits, internal audits, and special assignments related to risk management systems, transaction reconciliation, and margin monitoring. For depositories and clearing corporations, audits often extend to IT systems and process reviews, given the scale and sensitivity of operations. Each assignment contributes to ensuring that markets operate with integrity and reliability.
One of the defining features of capital markets is the pace of change. New instruments, trading platforms, and regulatory updates require intermediaries to constantly adapt their processes. Independent reviews test whether these changes are being implemented in line with compliance standards, minimizing risks of errors, fraud, or system vulnerabilities. For brokers and trading members, audits of client funds, margin maintenance, and reporting processes are particularly critical to protecting investor interests.
Technology has reshaped capital market operations, with electronic platforms, algorithmic trading, and digital settlement systems now dominant. This has created both opportunities and risks. System audits and cybersecurity reviews are essential to validate that platforms remain robust, secure, and resilient to threats. With high transaction volumes and speed-sensitive operations, any lapses can have significant consequences, making independent assurance vital.
The capital markets sector thrives on transparency and investor confidence. Through statutory audits, compliance reviews, and specialized system assessments, Singh Gulati And Associates provides the necessary safeguards. These engagements help ensure that intermediaries function responsibly, regulatory requirements are met, and markets continue to operate efficiently and fairly for all participants.
FinTech
FinTech has rapidly transformed the financial landscape by integrating technology with financial services, delivering innovative solutions across payments, lending, and wealth management. Covering areas such as mobile wallets, peer-to-peer lending, digital payment gateways, and algorithm-driven investment platforms, fintech companies have reshaped how individuals and businesses access financial products. Regulators such as the Reserve Bank of India (RBI), SEBI, and others play a key role in ensuring fintech operations remain secure, transparent, and compliant with established frameworks.
Independent assurance in fintech extends beyond traditional audits to include system reviews, IT governance, and cybersecurity assessments. Given the digital-first nature of these businesses, platform reliability, customer data protection, and transaction system resilience are central to evaluations. Payment operators frequently undergo audits of settlement processes, reconciliation systems, and compliance with supervisory requirements. For lending-focused fintechs, reviews also cover loan origination practices, credit scoring algorithms, and adherence to fair-lending standards.
The sector faces distinct risks, including data privacy concerns, cyber threats, and evolving regulatory obligations. Independent reviews help identify control gaps, test resilience frameworks, and assess risk management processes. Many fintechs operate in collaboration with banks and NBFCs, making assurance of outsourcing arrangements and service-level compliance increasingly critical. Evaluating how these partnerships manage responsibilities such as KYC, AML compliance, and grievance redressal has become a key focus area.
As fintech continues to grow, regulators have emphasized consumer protection and systemic stability. Independent audits and reviews support these objectives by verifying compliance with licensing conditions, data protection requirements, and supervisory reporting standards. They also confirm whether consumer-facing processes are transparent, fair, and accountable.
The sustained growth of the fintech sector depends on maintaining a balance between innovation and regulatory compliance. By embedding independent evaluations into their operations, fintech companies can strengthen resilience, build stakeholder confidence, and contribute to a secure, technology-driven financial ecosystem.
Health Insurance
Health insurance is among the fastest-growing segments of the insurance industry, driven by rising healthcare costs, growing awareness, and regulatory initiatives. It provides financial protection to individuals and families against medical expenses, including hospitalization, treatments, and preventive care. The Insurance Regulatory and Development Authority of India (IRDAI) sets guidelines for product design, claims settlement, disclosures, and solvency requirements, making governance and compliance a key focus for this sector.
Independent audits in health insurance concentrate on financial reporting, accuracy of premium recognition, and adequacy of claims provisioning. Statutory audits assess whether results are fairly presented, while internal audits and compliance reviews evaluate adherence to IRDAI norms. Specialized engagements may include claims processing audits, evaluation of network hospital arrangements, and review of fraud detection mechanisms. These activities help ensure operations remain transparent and policyholder interests are protected.
The sector faces distinct challenges due to unpredictable healthcare costs, rising claim ratios, and the need for sound underwriting practices. Independent reviews often examine governance around claims adjudication, reinsurance arrangements, and compliance with product filing requirements. With group policies and cashless facilities increasingly prevalent, system reliability and the accuracy of third-party administrator (TPA) operations also demand careful assessment.
Digital adoption has grown significantly in health insurance, with many insurers offering online policy issuance, claim submissions, and telemedicine tie-ups. Assurance activities now encompass reviews of IT platforms, data protection measures, and cybersecurity protocols. Ensuring that digital processes comply with regulatory requirements while providing reliable service to policyholders is a critical aspect of oversight.
Through statutory audits, compliance reviews, and specialized evaluations, independent assurance helps the health insurance sector achieve its dual objectives of financial security and policyholder protection. As the industry continues to expand, such oversight remains essential for sustaining trust and resilience.
Life Insurance
Life insurance provides long-term financial security to individuals and families, offering protection against income loss arising from unforeseen events. It also serves as a key instrument for savings and retirement planning, with products ranging from term insurance to endowment and unit-linked policies. The Insurance Regulatory and Development Authority of India (IRDAI) establishes comprehensive frameworks covering solvency, disclosures, investment norms, and policyholder protection, making governance and compliance central to the sector.
Independent audits in life insurance focus on the accuracy of financial statements, proper recognition of premium income, and adequacy of actuarial provisions. Statutory audits determine whether results present a true and fair view of financial performance, while internal audits and compliance reviews assess adherence to regulatory requirements. Specialized engagements may include audits of policy issuance processes, actuarial assumptions for reserves, and reinsurance arrangements. These evaluations strengthen confidence in the sector and safeguard policyholder interests.
Life insurers face unique challenges due to the long-term nature of their contracts. Assumptions regarding mortality, persistency, and investment returns directly influence financial reporting. Independent reviews often assess the reasonableness of these assumptions and the governance frameworks supporting them. The sector also requires close monitoring of sales practices, distribution channels, and grievance redressal mechanisms to maintain fairness and transparency.
Technology has transformed life insurance operations, with online policy issuance, automated underwriting, and digital servicing platforms becoming widespread. This shift has increased the need for system audits, cybersecurity reviews, and data protection assessments. Independent oversight ensures that technological innovations remain reliable, secure, and compliant with regulations.
As the life insurance sector continues to grow, independent assurance plays a vital role in validating solvency, strengthening governance, and protecting policyholder confidence. These engagements contribute to the sector’s broader role in long-term financial security and economic development.
Non-Life Insurance
Non-life insurance, also referred to as general insurance, covers risks including motor, property, health, marine, and liability. It provides financial protection against unexpected losses arising from accidents, natural disasters, and business interruptions. The Insurance Regulatory and Development Authority of India (IRDAI) regulates this sector, issuing guidelines for product design, claims settlement, reinsurance, and solvency margins. Given the short-term nature of most policies, governance and compliance require ongoing attention.
Independent audits in non-life insurance focus on the accuracy of financial reporting, proper recognition of premium income, and adequacy of claims provisioning. Statutory audits confirm whether results are fairly presented, while internal audits and compliance reviews assess adherence to IRDAI regulations. Specialized engagements may include claims audits, evaluation of risk pools, and reviews of loss-adjustment procedures. These activities are crucial for maintaining transparency and safeguarding policyholder trust.
The sector faces challenges from high claim volumes, catastrophe exposure, and the need for effective underwriting. Independent reviews frequently evaluate governance frameworks for areas such as motor third-party liability, crop insurance, and large commercial risks. With reinsurance being a key component, assessments also cover treaty compliance and monitoring of recoverables.
Digital platforms have transformed the distribution and servicing of non-life insurance products. From instant motor policy issuance to online claim submissions, insurers increasingly rely on IT systems. Assurance activities in this domain include system audits, cybersecurity reviews, and data protection assessments to ensure processes remain secure, reliable, and compliant with regulatory standards.
Through statutory audits, compliance reviews, and specialized evaluations, independent assurance helps non-life insurers meet regulatory obligations and protect policyholder interests. Such oversight is essential for maintaining the sector’s stability and resilience in a risk-intensive environment.
Private Equity
Private equity (PE) plays a pivotal role in channeling long-term capital into businesses, supporting growth, restructuring, and innovation. PE investors typically participate through funds or direct investments, with a focus on value creation in portfolio companies. This sector is regulated by the Securities and Exchange Board of India (SEBI) under frameworks applicable to Alternative Investment Funds (AIFs), alongside provisions of the Companies Act, FEMA, and taxation laws. Given the complexity of investments, independent assurance is essential for maintaining governance and transparency.
Audits of private equity funds and portfolio companies focus on financial reporting, investment valuations, and compliance with applicable regulations. Statutory audits assess the accuracy of financial statements, while internal reviews may examine fund governance, capital calls, and distribution mechanisms. Specialized engagements often include due diligence assessments, fund structuring reviews, and monitoring of investor reporting practices.
Valuation is a key challenge in private equity. Independent evaluations test the reasonableness of valuation methodologies applied to portfolio companies, whether based on discounted cash flow, market multiples, or net asset value approaches. These reviews provide confidence to investors and regulators by ensuring reported figures reflect economic reality.
The sector also faces scrutiny regarding compliance with foreign exchange regulations, taxation frameworks, and investor disclosure requirements. Independent reviews verify that transactions adhere to FEMA and SEBI rules and confirm that investor reporting meets prescribed standards.
As private equity continues to grow as a source of long-term capital, independent assurance is critical in reinforcing transparency and accountability. These engagements help build trust between fund managers, investors, and regulators, supporting sustainable growth in this dynamic sector.
Mutual fund and asset management
The mutual fund and asset management industry plays a vital role in channeling household and institutional savings into capital markets. By pooling resources from investors and deploying them across equity, debt, and hybrid instruments, mutual funds provide an efficient mechanism for wealth creation and capital allocation. The industry is regulated by the Securities and Exchange Board of India (SEBI), which prescribes stringent rules on fund management, disclosures, governance, and investor protection. Transparency and compliance are therefore essential for sustaining investor confidence.
Independent audits and reviews in this sector cover both financial reporting and regulatory compliance. Statutory audits of fund houses, scheme accounts, and trusteeship entities ensure accuracy in reporting net asset values (NAVs), portfolio holdings, and expenses. Concurrent audits of operations, registrar and transfer agents (RTAs), and custodians provide ongoing oversight of processes such as investor servicing, trade settlement, and adherence to investment guidelines. Collectively, these engagements protect investor interests and reinforce accountability.
Specialized assurance assignments are also critical, including system audits, evaluation of risk management frameworks, and compliance checks with SEBI circulars. As fund houses expand into new products like exchange-traded funds (ETFs), international funds, and alternative investment vehicles, independent assessments ensure processes remain aligned with regulatory and operational standards. Given the scale of investor participation, such oversight strengthens transparency and financial integrity.
Digital platforms and online distribution have transformed the mutual fund industry in recent years. With investors increasingly accessing products through apps and portals, system reliability, cybersecurity, and data protection have become areas of heightened focus. Independent IT audits and transaction flow reviews help ensure that digital convenience does not compromise investor safety.
The mutual fund and asset management sector is central to the efficient functioning of financial markets, offering diversification for investors and long-term capital for businesses. Through statutory audits, compliance reviews, and system assessments, independent assurance upholds governance, regulatory alignment, and trust in a sector that impacts millions of investors.
Stock Exchange
Stock exchanges are central pillars of the financial system, providing a platform for companies to raise capital and for investors to trade securities. They are regulated by the Securities and Exchange Board of India (SEBI) and must adhere to stringent requirements covering listing obligations, market integrity, surveillance, and investor protection. Given their systemic importance, independent audits and reviews are critical to ensuring transparency and reliability of operations.
Independent assurance for stock exchanges typically includes statutory audits of financial statements, compliance audits with SEBI regulations, and system audits of trading platforms. Given the high volume and speed of transactions, technology reviews are particularly important to ensure that systems remain robust, secure, and capable of handling peak loads. Cybersecurity assessments, data integrity checks, and business continuity evaluations are also key components of independent oversight.
Market surveillance and regulatory functions form another essential dimension. Independent reviews assess whether surveillance mechanisms are sufficient to detect unusual trading activity, insider trading, or market manipulation. Evaluations also examine governance frameworks to ensure the independence of oversight bodies and compliance with SEBI guidelines.
Stock exchanges face continuous technological evolution, with algorithmic trading, mobile platforms, and international connectivity becoming increasingly prevalent. Independent IT audits confirm that these systems remain resilient and compliant with regulations. By identifying vulnerabilities and recommending improvements, such reviews enhance the overall stability of capital markets.
Through statutory audits, compliance evaluations, and technology reviews, independent assurance strengthens the credibility of stock exchanges. This oversight ensures that markets continue to operate efficiently, transparently, and in the best interests of all investors.
Venture Capital
Venture capital (VC) is a key driver of entrepreneurship and innovation, providing early-stage funding to startups with high growth potential. VC funds invest in sectors ranging from technology and healthcare to consumer businesses, often taking calculated risks to support new business models. In India, venture capital is governed by SEBI’s Alternative Investment Fund (AIF) regulations, FEMA provisions, and taxation laws. The combination of high risk and regulatory oversight makes independent assurance vital in this space.
Independent audits in venture capital focus on fund-level reporting, portfolio company valuations, and compliance with regulatory requirements. Statutory audits ensure that financial statements of funds and portfolio companies are accurate, while internal reviews may assess fund governance, capital deployment, and investor reporting mechanisms. Specialized assignments often include due diligence on investee companies, deal structuring evaluations, and exit readiness reviews, typically performed by Singh Gulati and Associates.
Valuation is one of the most challenging aspects of venture capital. Early-stage companies often lack established financial track records, making valuation assumptions highly subjective. Independent assessments test the reasonableness of valuation approaches, such as discounted cash flow or comparable transaction multiples, providing assurance to investors and regulators.
The sector also requires compliance with FEMA and SEBI guidelines, particularly in cross-border investments and investor disclosures. Independent reviews validate adherence to these rules and provide transparency in fund operations. Risk assessments also focus on governance practices within portfolio companies, ensuring that investments are managed responsibly.
Venture capital plays a critical role in supporting innovation and job creation. Independent audits and reviews by Singh Gulati and Associates strengthen trust between investors, fund managers, and regulators, ensuring that capital flows are managed transparently. This oversight helps sustain the sector’s contribution to economic growth and entrepreneurial development.
- Our Approach
Assignments in the BFSI sector are executed with independence, objectivity, and adherence to supervisory standards. Every engagement is structured to enhance governance and ensure reporting aligns with regulatory requirements, while preserving clarity and consistency in professional execution.
