IL & FS Financial Services Limited

Each Committee has been constituted for specific functions and responsibility with a view to ensure:

• accuracy, transparency, integrity, adherence to the internal rules and guidelines
• process for monitoring compliance with applicable laws and regulations and code of conduct
• the adequacy of system of internal controls and check
• to advise, recommend necessary corrective steps

• Review the Annual Audited financial statements and Quarterly / Half Yearly financial statements to ensure that the financial statements are correct, sufficient and are in compliance with the governing Accounting Standards and more specifically the following:
  • Matters required to be included in the Director's Responsibility Statement forming part of the Board's report in terms of relevant provisions of the Companies Act, 1956 or any re-enactment thereof
  • Changes, if any, in accounting policies and practices and reasons for the same
  • Major accounting entries involving estimates based on the exercise of judgment by management
  • Significant adjustments made in the financial statements arising out of audit findings
  • Compliance with legal requirements relating to financial statements
  • Review and Disclosure of related party transactions
  • Qualifications in the draft audit report
• Recommend to the Board appointment of internal auditor and statutory auditor
• Review with the Management the adequacy of the internal controls including computerized information system controls and security
• Review of Internal Audit Plan, adequacy of internal audit function and to advise on the scope and areas of audit
• Review of the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board
• To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of nonpayment of declared dividends) and creditors
• Review the Company's compliance with employee benefit plans
• Review periodically operating policies of the Company
• Carrying out any other function as may be assigned to the Committee by the Board from time to time

• To investigate any matter within its terms of reference or in relation to the compliance with the applicable laws or referred to it by the Board
  • To seek information from any employee
  • To obtain outside legal or other professional advice
  • To secure attendance of outsiders with relevant expertise, if it considers necessary
  • To have access to the Company's records

• To put in place Management Information System (MIS) for quick analysis and consolidation of data for managing the assets and liabilities with respect to maturity mismatches and various risks associated therewith
• Monitoring and managing liquidity and interest rate structures
• Review of Funding and Capital Planning
• Review periodically the Market Scenario and preparation of Contingency plans
• Approves pricing of assets and liabilities-balance sheet management
• Devise a risk mitigation framework etc

• The Committee shall oversee, identify and evaluate internal and external risks associated with the business operations of the Company
• The Committee shall monitor and approve the risk policies and framework, process and practice
• Review the adequacy of risk mitigation framework and recommend necessary actions / process
• Ensures compliance with statutory regulations and internal guidelines.

• The Committee reviews and approves the investment proposal within the approved framework
• Review periodically performance of Investment portfolio
• Monitors and ensures compliance with Statutory Requirements
• Advise on corrective measures as required