The Institute of Chartered Accountants of India (ICAI) has launched its two-day flagship event, ‘Future Proof Forensics 2025: Partnering for Resilient Finance’, in Mumbai, bringing national attention to the evolving role of forensic accounting in protecting India’s financial system. With the growing complexity of financial crimes in the digital era, the event signals India’s strategic move to strengthen institutional resilience through proactive fraud detection, AI integration, and updated forensic audit standards.
Organised by ICAI’s Digital Accounting and Assurance Board (DAAB), the conference saw participation from key financial institutions including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Comptroller and Auditor General (CAG), Indian Banks’ Association (IBA), as well as Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs). More than 130 top regulators and banking professionals gathered to address challenges posed by cyber-enabled fraud and to explore collaborative frameworks for safeguarding financial markets.
The event was inaugurated by Shri Tuhin Kanta Pandey, Chairman, SEBI and Shri Anand Mohan Bajaj, Deputy Comptroller & Auditor General of India, in the presence of CA. Charanjot Singh Nanda, President, ICAI; CA. Prasanna Kumar D, Vice-President, ICAI; CA. Dayaniwas Sharma, Chairman, Digital Accounting and Assurance Board (DAAB) and CA. Arpit Jagdish Kabra, Vice-Chairman, DAAB, along with Central and Regional Council Members of ICAI. Also present were leadership from the Reserve Bank of India (RBI), Indian Banks’ Association (IBA), NBFCs, and Asset Reconstruction Companies (ARCs).
In his inaugural address, Shri Tuhin Kanta Pandey, Chairman, SEBI, said, “Financial fraud is evolving rapidly, becoming more sophisticated with the use of AI, cryptocurrency, and digital platforms that transcend borders. In response, SEBI has adopted a zero-tolerance approach, strengthening regulatory frameworks, deploying forensic investigations, and leveraging advanced SupTech tools to detect and address anomalies proactively. Initiatives such as UPI@valid have been introduced to authenticate intermediary transactions, while strategic collaborations with institutions like ICAI and NFSU are helping build capacity in digital forensics and fraud risk management. Our overarching goal remains steadfast: to safeguard investors and uphold the integrity of India’s capital markets.”
He further added, “SEBI’s collaboration with ICAI enhancing professional capacity and advancing investor education marks a significant step in this direction. In this digital era, ICAI has proposed to introduce Information Systems Audit Standards, which will strengthen the trustworthiness of the Audit process in the digital domain. As we progress toward Viksit Bharat @ 2047, sustained investor trust will hinge on competence, vigilance, and unwavering professional integrity—key pillars in aligning India’s markets with global best practices.”
Shri Anand Mohan Bajaj, Deputy Comptroller & Auditor General of India, in his special address, emphasized, “Tackling financial fraud in today’s landscape requires more than conventional audits—it calls for technology-led, collaborative vigilance. The introduction of Forensic Accounting and Investigation Standards by ICAI marks a crucial stride in this direction. As fraud becomes increasingly sophisticated, driven by AI and digital networks, institutions like the CAG are embracing emerging technologies to stay ahead and protect public trust. In partnership with professional bodies like ICAI, we are committed to building a transparent, resilient, and globally credible financial ecosystem for Viksit Bharat 2047.”
The Institute of Chartered Accountants of India (ICAI) has emerged as a global frontrunner in the field of forensic accounting, setting new benchmarks for financial transparency and investigative rigor. Notably, ICAI is the first professional accounting body worldwide to issue a comprehensive set of Forensic Accounting and Investigation Standards (FAIS)—a pioneering framework designed to guide financial fraud detection and support legal proceedings across jurisdictions. To date, ICAI has released 20 FAIS standards along with three foundational documents, reinforcing its leadership in combating financial and corporate fraud through globally aligned best practices.
CA. Charanjot Singh Nanda, President, ICAI, during his Presidential address reaffirmed the ICAI’s commitment to build a robust national framework for forensic and digital assurance. He said, “Today marks the fruition of a long-standing vision. With the launch of forensic accounting standards and our strategic focus on emerging technologies, such as AI, blockchain and cybersecurity, ICAI is setting new global benchmarks. Our initiatives—from training CAG, SEBI, regulatory personnel and supporting banks with expert-led programs, reflect our commitment to combating financial fraud and fostering public trust. Indian Chartered Accountants have long been nation builders; now, they are stepping onto the global stage as key partners in shaping a fraud-resilient financial ecosystem. ICAI will soon come out with Information Systems Audit Standards, to strengthen the audit process in India’s digital ecosystem. True strength lies in knowledge, clarity of purpose, and mental resilience—and with these, India is firmly on course to emerge as a global power by 2047.”
During the inauguration, a specialized publication on “Early Warning Signals of Banking Frauds”, aimed at strengthening fraud detection and response mechanisms across financial institutions, was also launched.
On this occasion, CA. Prasanna Kumar D, Vice-President, ICAI, said “India’s ambition today goes beyond ease of doing business, it’s about accelerating the speed of doing business. As we chart our path toward becoming a developed economy by 2047, it’s equally critical that we position ourselves as one of the world’s lowest-risk jurisdictions. Forensic tools, robust audit standards and cutting-edge technology will be essential enablers in achieving that goal.”
Earlier, ICAI signed strategic MoUs with the National Forensic Sciences University (NFSU) and Rashtriya Raksha University (RRU) to promote institutional knowledge exchange and reinforce India’s forensic and financial crime detection capabilities. The Institute has also extended specialized training to key enforcement and regulatory agencies including CID, CBI, EOW, SFIO, and members of the judiciary, playing a pivotal role in enhancing national investigative strength and digital resilience. So far, ICAI has trained and certified over 14,000 forensic professionals, while more than 35,000 members have completed the Information Systems Audit (ISA) course. The upcoming launch of DISA 4.0 further reflects its forward-looking approach to digital assurance.
The two-day summit features a series of expert-led sessions on high-priority topics such as cyber fraud, insolvency-related forensic protocols, financial crime typologies, legal frameworks for investigation, and the impact of emerging technologies like AI and Central Bank Digital Currencies (CBDCs). Thought leaders from the worlds of finance, technology, law, and regulation are convening to shape future-proof strategies that empower institutions to detect, investigate, and prevent financial misconduct.
As India advances toward becoming a digitally empowered economy, ICAI’s Future Proof Forensics 2025 stands as a defining initiative—positioning the nation at the forefront of global financial governance and forensic innovation.
