Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

Forensic Analyst

IDFC First Bank (IDFCFB IN) Vs Punjab National Bank (PNB IN): Stat Arb Setup Targets 8%

Punjab National Bank (PNB IN) Vs. Bank of Baroda (BOB IN): Statistical Spread Hits Trigger Zone

Bank of India (BOI IN) Vs Union Bank of India (UNBK IN): Repeat Pair Trade in PSU Banks

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

IDFC First Bank Limited / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank Limited (IDFCFB IN)</a> has identified an incident involving unauthorized and fraudulent activities by certain employees at a branch in Chandigarh, and potentially involving other individuals/entities/counterparties.</li>
<li>While the fraud sized INR 5.9 bn is not an existential threat to the bank's solvency, it highlights severe gaps in Enterprise Risk Management and internal controls.</li>
<li>The bank has appointed KPMG to oversee the forensic audit. Investors should keep a close attention to the audit and outcome.</li>
</ul>



IDFC First Bank Limited (IDFCFB IN) has identified an incident involving unauthorized and fraudulent activities by certain employees at a branch in Chandigarh, and potentially involving other individuals/entities/counterparties.
While the fraud sized INR 5.9 bn is not an existential threat to the bank's solvency, it highlights severe gaps in Enterprise Risk Management and internal controls.
The bank has appointed KPMG to oversee the forensic audit. Investors should keep a close attention to the audit and outcome.


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