Conference on State of Corporate Fraud Control In India on 23 Jan

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INDIACSR News Network

NEW DELHI: ASSOCHAM is organizing a National Conference on “State of Corporate Fraud Control in India” on the 23rd of January, 2012, at The Royal Plaza, New Delhi.  Minister of Corporate Affairs, Dr. M. Veerappa Moily will inaugurate the session and share his views with the audience on this pertinent issue.

Deepankar Sanwalka, Chairman, Internal Audit & Corporate Fraud Council, ASSOCHAM;  Kallol Kundu, Chief Internal Auditor, The Oberoi Group; . Atul Pandya, Chief Internal Auditor, Ambuja Cements Ltd; Ashish Aul, Partner, Governance, Risk and Compliance Services, KPMG; P. Ranganathan, Special Director-Internal Audit, Ashok Leyland Ltd.; Himanshu V Vasa, Group Internal Audit, Kotak Mahindra Bank Ltd.; Satish Shenoy, Vice President, Bombay Chapter of The Institute of Internal Auditors – India; Murali Narayanamurthy, Director – GRC, SAP India; Dinesh Anand, Partner & Co Head Forensic, KPMG are the other eminent speakers in the conference.

Volatile economic conditions and ever increasing business and technological complexities have led to increase in the possibilities of fraud. Corporate fraud is a major source of risk for companies; it can cause irreversible and often irreparable damage to company’s finances and more importantly, to the company’s reputation.

Off late, India has seen a few highly publicized cases of fraud in the media, especially relating to bribery and corruption.  While investigative agencies and the judiciary have to be lauded for their efforts in bringing perpetrators to books, it does cast a doubt about the effectiveness of our regulatory framework in curtailing, and more importantly, preventing such incidences from occurring in the future.

Also, historically, India has had more of a reactive regulatory framework – one in which our regulators have typically made major changes to the existing framework only after a major corporate failure/scandal exposed its frailty. For instance, SEBI embarked on the road to Clause 49, with constitution of the Narayana Murthy Committee in 2002, following major corporate failures in the US. Also, more recently, the Companies Bill, 2009 was introduced in response to the Satyam scam.

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