Are Indian listed companies affected by EY Ban ?

Impact of EY Ban by Banking Regulator

The Reserve Bank of India (RBI) has banned the audit firm SR Batliboi & Co. LLP. SR Batliboi is a member firm of EY. SR Batliboi is the one of the first big 4 accounting firms to get banned by banking regulator. RBI banned EY for compromising the audit quality. Now there is a severe impact of EY Ban in Audit Domain.

Economic Times had reported that the regulator’s action was linked to the audit of Yes Bank. SR Batliboi audited financial statement for the fiscal year ended March 2016. These financial statements had thrown up discrepancies in reported bad loans of Yes Bank.

Ernst and Young

In India, S R Batliboi & Co LLP is a Limited Liability Partnership firm incorporated on 01/04/2013. It is a 7 years old CA firm registered with the Registrar of Companies. S R BATLIBOI & CO LLP’s identification Number is AAB-4294. Its Registration Number with the Institute of Chartered Accountants of India is 301003E. This firm is the Indian representative of EY in addition to many other Indian firms.

The Email address used by S R Batliboi & Co LLP for communication is

There are 43 other companies which are using the similar email address containing These firms are associated with EY directly or indirectly. The report for these companies is available on request. The email id is associated with not only the group companies of EY but is also associated with the other companies which are not part of the EY group.

Its registered address is 22, Camac Street, 3rd Floor, Block-B, Kolkata Kolkata West Bengal 700016 India.

Partner Details of S R Batliboi & Co LLP

  • There are 15 individuals associated with the S R Batliboi & Co LLP. These individuals not only include the present partners but also some of the past partners of the firm since its registration with the Registrar of Companies.
  • Agrawal Raj Kumar is the oldest partner of the S R Batliboi & Co LLP. He is associated with the firm since 2013, when the firm was incorporated.
  • Current Designated Partners of S R Batliboi & Co LLP are

Agrawal Raj Kumar
Sethi Arvind Lal
Soni Sudhir Murlidhar
Gupta Anil
Shrawankumar Jalan


Jayesh Manhar Gandhi
Tridibes Basu
Viren Harshadrai Mehta
Atul Seksaria
Ajay Bansal

EY Network firms

SR Batliboi & Co LLP and S R Batliboi & Associates represent EY Network in India. These are the firms of Chartered Accountants. They are primarily involved in Audit practice. However, presence of EY is not limited to only Audit Practice. Following companies in group are involved in non-audit services

  1. S R B C & CO LLP
  2. S R B A & CO LLP
  3. S R B A & Associates LLP

Listed Clients of EY

Ban on EY network firm is only for one year. RBI banned EY, but this ban can not restrict them from auditing the listed clients. EY firms are restricted from performing statutory audits of commercial banks. The ban is likely to have significant impact on Indian listed banks and finance companies. After all RBI is the governing agency for the banks and NBFCs.

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In reality, most of the non-banking audit clients of EY will have no impact of ban. It is not clear whether all the companies in financial services are affected by this decision. In order to assess the impact of the ban its necessary to check the existing clients of the EY group firms. Moreover these firms have to comply with RBI regulations.

  • Bajaj Finance Limited
  • Bajaj Housing Finance Limited
  • National Trust Housing Finance Limited
  • Yuj Home Finance Private Limited
  • Au Small Finance Bank Limited
  • Equitas Small Finance Bank Limited
  • Indiabulls Housing Finance Limited
  • Svakarma Finance Private Limited
  • Lendingkart Finance Limited
  • Electronica Finance Limited
  • Axis Finance Limited
  • Xander Finance Private Limited

It is important to track the decisions of the various government agencies including the National Financial Reporting Authority and NCLT.