SEBI adds 18 forensic audit firms including EY, KPMG to listed-company panel
Synopsis
SEBI has quietly but significantly expanded its forensic firepower — adding 18 firms, including EY, KPMG, and Grant Thornton, to its panel authorised to audit listed companies for financial irregularities. With the panel now spanning Big Four networks and specialist domestic practices, the regulator has removed a key capacity constraint that could previously slow down fraud investigations.
Key Takeaways
SEBI empanelled 18 new forensic audit firms on 19 July , expanding its existing panel first published in April 2025 .
New additions include Ernst & Young LLP , KPMG Assurance and Consulting Services LLP , Grant Thornton Bharat LLP , and Nangia & Co LLP .
The empanelment follows a public procurement notice issued by SEBI in November 2025 .
All newly empanelled firms will remain on the panel for three years from the date of publication of the updated list.
Forensic audits are triggered in cases of suspected financial irregularities at listed companies, aimed at protecting investor interests and market integrity.
The Securities and Exchange Board of India (SEBI) has expanded its forensic audit panel by empanelling 18 new firms on 19 July, adding marquee names such as Ernst & Young LLP, KPMG Assurance and Consulting Services LLP, Grant Thornton Bharat LLP, and Nangia & Co LLP to conduct forensic audits of financial statements of listed companies. The expansion follows a public procurement process initiated by the regulator in November 2025.
How the Panel Was Expanded
According to a SEBI notification, the 18 newly empanelled firms have been added to an existing list of forensic auditors first published in April 2025. The empanelment will remain valid for three years from the date of publication of the updated list. The selection process was triggered by a public procurement notice, ensuring a competitive and transparent intake of qualified firms.
Full List of Newly Empanelled Firms
Beyond the Big Four-linked entities and Nangia & Co LLP, the newly added firms include J C Kabra & Associates, J Mandal & Co LLP, J Singh & Associates, Jain Jagawat Kamdar and Company, Pipara & Co LLP, R Kabra & Co LLP, R S Patel and Co, Ravi Rajan and Co LLP, S S Periwal and Co, Sarath and Associates, SKVM and Company, V Singhi & Associates, ASA & Associates LLP, and CLA Indus Value Consulting. The breadth of the list signals SEBI's intent to build capacity across both large global networks and specialist domestic practices.
What SEBI's Forensic Audit Panel Does
The SEBI forensic audit panel comprises firms authorised to investigate listed companies where suspected financial irregularities have been identified. These audits are designed to strengthen market integrity, enhance corporate transparency, and protect investor interests. This is not the first such expansion — the April 2025 list itself represented an earlier build-out of the panel's capacity.
What the Newly Empanelled Firms Said
Srinivasa Rao, Senior Partner, Forensic Advisory at Nangia & Co LLP, described the empanelment as a reflection of the firm's investigative expertise. 'We are immensely proud to be empanelled by SEBI, a testament to our team's deep expertise and unwavering dedication to forensic excellence. This empanelment reinforces our position as a trusted partner in safeguarding investor interests and promoting transparency within the financial ecosystem,' Rao said. He added that the firm looks forward to contributing to SEBI's efforts to maintain a fair, efficient and transparent securities market by undertaking independent forensic audits whenever required.
What This Means for Listed Companies
With a larger and more diverse panel now in place, SEBI has greater flexibility to assign forensic investigations without capacity constraints — particularly relevant as regulatory scrutiny of listed entities has intensified in recent years. The three-year validity window means the current panel will remain operative through at least mid-2028, providing continuity for ongoing and future investigations.
Point of View
And a thin panel risked becoming a bottleneck in enforcement timelines. By bringing in both global networks and mid-tier domestic specialists, SEBI is hedging against concentration risk — no single firm dominates the assignment pool. The more pointed question is whether empanelment translates into faster investigation outcomes; past cases suggest the audit itself is rarely the rate-limiting step — it is what regulators do with findings that determines investor protection in practice.
NationPress
19 Jul 2026
Frequently Asked Questions
Why has SEBI expanded its forensic audit panel?
SEBI expanded the panel to increase its capacity to investigate suspected financial irregularities at listed companies. Adding 18 new firms — including global networks like EY and KPMG alongside domestic specialists — reduces the risk of capacity constraints slowing down enforcement actions.
Which major firms were added to SEBI's forensic audit panel?
The prominent additions include Ernst & Young LLP, KPMG Assurance and Consulting Services LLP, Grant Thornton Bharat LLP, and Nangia & Co LLP, alongside 14 other domestic audit and advisory firms.
How long will the new empanelment remain valid?
The empanelment is valid for three years from the date of publication of the updated list, meaning the current panel will remain operative through at least mid-2028.
What does a SEBI forensic audit involve?
A SEBI forensic audit is an independent investigation of a listed company's financial statements, ordered by the regulator when suspected financial irregularities are identified. The objective is to strengthen market integrity, improve corporate transparency, and safeguard investor interests.
How were the new firms selected?
SEBI initiated a public procurement process through a notice issued in November 2025. Firms were evaluated and selected through this competitive process before being added to the existing panel that was first published in April 2025.
