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Profinlex
For regulated businesses

When anyone can ask for your position, it has to be true on the day they ask.

Regulated businesses do not get to choose when they are examined. A quarterly submission, a diligence request, a scrutiny notice and a statutory audit all arrive on their own schedule, and each expects a set of books that was already correct before the request came in.

Written for
NBFCs, listed and soon-to-list companies, regulated industries
Core requirement
Readiness held current, not reconstructed
Second calendar
Sector returns alongside financial reporting
Where the pressure comes from

Four profiles, each with a second set of rules on top of the accounting.

What these businesses share is not their industry. It is that a second regulator, a second calendar and a second measurement basis apply to the same underlying ledger.

NBFCs and lending businesses

Two measurement regimes run in parallel: expected credit loss under Ind AS 109 and the IRACP provisioning floor under the RBI Master Directions, with the higher of the two driving the impairment reserve. Returns are periodic and unforgiving.

What Profinlex keeps current

  • ECL staging maintained on the loan book, with the IRACP comparison recorded each period
  • Asset-liability maturity buckets and the resulting gaps monitored, not computed at return time
  • Capital adequacy position available on any date, with the risk weights that produced it
  • DNBS and NBS return data drawn from the ledger rather than re-keyed

Listed companies

Reporting is quarterly, the format is prescribed, and the window is short. Related-party transactions run against approved limits, and material events have their own clock the moment they occur.

What Profinlex keeps current

  • Quarterly results in Reg. 33 format with segment reporting under Ind AS 108
  • RPT monitoring against omnibus and specific approvals under Reg. 23 and s.188
  • ICFR control testing evidenced through the year for the s.134(5)(e) statement
  • Structured digital database of UPSI access maintained as PIT Reg. 3(5) requires

Companies preparing to list

A listing turns three prior years into a public document. Restated financials, related-party history, statutory register gaps and missing approvals all surface at once, usually with a diligence team waiting.

What Profinlex keeps current

  • Restatement-ready comparatives, with the basis of each adjustment recorded
  • Related-party history reconstructible with approval dates, not just amounts
  • Statutory registers, charges and director filings current rather than back-filled
  • A diligence data room populated from live records instead of a collection exercise

Regulated industries and licensed operations

Licences, sectoral returns and inspection powers add a second compliance calendar on top of the financial one. An inspector does not adjust the visit to your close cycle.

What Profinlex keeps current

  • Sector returns and licence conditions tracked alongside financial obligations
  • Cost records and cost audit applicability maintained where s.148 applies
  • Inspection and notice register with the response filed against each matter
  • Evidence packs produced per period without pulling the team off month-end
What audit-ready actually means

Six statements that are either true right now or they are not.

Readiness is not a feeling about the books. It is a set of conditions, each of which can be tested on any given day.

  1. 01

    Every control account agrees with its sub-ledger, and the difference is visible the day it appears

  2. 02

    Every filing obligation for every registration carries an owner, a due date and an acknowledgement once filed

  3. 03

    Every related-party transaction sits after the approval that authorises it, or is held as an exception

  4. 04

    Every entry has its supporting document attached and its edit history intact

  5. 05

    Every contingent liability has an assessed position ready for the notes to accounts

  6. 06

    Every reopening of a closed period is recorded with who approved it and why

Three moments it changes

The difference shows up when someone external is waiting.

Statutory audit

The sample request stops being a project.

The auditor selects vouchers, and the vouchers arrive with their invoice, approval, goods receipt and edit history attached. The queries that remain are the ones that need judgment, which is where the audit fee should have been going all along.

Diligence and fundraising

Three years of history answered in a week, not a quarter.

Diligence asks for consistency across periods: the same numbers in the returns, the books and the disclosures. Because the returns were built from the ledger, the consistency is structural rather than something to be argued.

Regulatory inspection

The position on the date asked for, not the date prepared.

An inspection asks what the position was on a specific date. With a complete trail and no reconstruction, the answer is a query against the record, and the record shows that it has not been edited since.

Framework coverage

What gets applied, by entity type.

Registrations drive the rules. Profinlex configures the applicable set at implementation, so the calendar shows what applies to you and nothing that does not.

Entity typeReporting basisTax obligationsSector and secretarial
Private limited companyInd AS or AS, Schedule III Division II or IIIGST, TDS, advance tax, Form 3CDMCA event forms, AOC-4, MGT-7, DPT-3
NBFCInd AS 109 with IRACP floor comparisonGST on fee income, TDS, s.194A positionsRBI Master Directions, DNBS and NBS returns, CRAR, ALM
Listed companyInd AS, consolidated and segment reportingGST, TDS, transfer pricing where applicableSEBI LODR Reg. 33 and Reg. 23, PIT regulations, ICFR
ManufacturerInd AS 2 inventory, Ind AS 16 assetsGST with e-way bill and ITC-04, TDS on works contractsCost records under s.148, factory and labour statements
Services and IT exporterInd AS 115 with contract assetsZero-rated exports, LUT, refunds under s.54FEMA realisation, softex where applicable

Applicability depends on turnover, borrowing, listing status and licence conditions. The set is confirmed with your auditor and company secretary during compliance mapping.

Read next

Where this goes into detail.

Module 01

Financial Reporting & Statutory Compliance

How presentation and recognition are carried inside the ledger head itself.

Read on
Implementation

How readiness gets established

Historical records are checked for gaps before go-live, so the baseline is honest.

Read on
Security

How financial and legal data is held

Isolation, role-based access and an audit trail that cannot be switched off.

Read on
For regulated businesses

Give us the return that hurts most, and we will show you where it comes from.

A DNBS submission, a Reg. 33 quarterly, a Form 3CD schedule, a diligence questionnaire - bring the one your team dreads. We will trace it back to the entries that should have produced it and show what is missing today.

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  • Applicable framework set confirmed against your registrations
  • One historical period tested for compliance gaps
  • A readiness baseline you can show your audit committee