IIFL Finance Ltd. appointed Shubham Khare as legal head of the company, effective 15 June.

Khare has over 13 years’ extensive experience in the legal domain, the Indian non-bank lender said in a stock exchange announcement. Before joining IIFL, he served as vice president of legal at Piramal Capital Ltd., it added.

Khare is an alumnus of Bhopal’s National Law Institute University, graduating in 2011, according to the statement.

SPECIAL AUDIT

IIFL said the auditors appointed by the Reserve Bank of India (RBI) for special audit, which commenced on 23 April, has been concluded and rectification of all deficiencies pointed out by the central bank has been completed.

The RBI on 4 March ordered the company to suspend the disbursement of new gold loans until the satisfactory completion of the special audit. The measure was part of the RBI’s supervisory action over concerns related to certain loan disbursement practices.

IIFL Founder Nirmal Jain said the regulatory action significantly impacted the company’s business in the last quarter and continues to do so in the current quarter.

The company used this opportunity to enhance its compliance, controls, and operations, he added.

“We believe that we have fully complied with all regulatory requirements and addressed any deficiencies,” Jain said. “The special audit has been completed, and we now await the RBI’s review and expect positive action soon.”

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