The study is an endeavor to take stock of the corporate governance environment in India as it exists today. Simultaneously, it is an attempt to puzzle out, in concrete terms, the pressuring issues and the resultant course of action going forward particularly some specific action points beneficial for the Indian business environment. The journey in that direction has already begun: the incorporation of SEBI with a stated aim of creating open and participative markets and its fair success in managing the markets in what has been clearly a very dynamic and challenging decade for them; the new Companies Bill with an explicit emphasis on promoting best practices in corporate governance and MCA’s more active redefined role in it; RBI’s notable management of the Indian banking sector in the last few years of widespread failures in the financial sector on other parts of the world. Deep understanding of underlying factors and issues is going to become important. This study is one the many contributions that will be required to complete the journey successfully.
Organizations lose 5% of their revenues to fraud each year with potential global fraud loss projected at more than $3.5 trillion!
Association of Certified Fraud Examiners 2012 Report to the Nations