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Securities & Financial Markets 2018 Roundtable: Approach Paper

The recent increase in cases of financial fraud, or their detection, has raised an important question – are India’s anti-fraud measures adequate to prevent or redress financial fraud?  Be it manipulation of books of accounts, siphoning of funds, misstatements, money-laundering, or other unfair trade practices, financial fraud threatens businesses, investors, and the public alike. The current regulatory regime compels various stakeholders to needlessly assume investigative responsibilities and hence presents a case for a systemic change.

Controlling financial fraud is especially difficult due to its multifaceted nature. It spans across the regulatory domains of several agencies like SEBI, RBI, IRDAI, Enforcement Directorate, SFIO, among others, and synergies between the regulatory agencies remain largely unexplored. Changing technology has further complicated regulatory efforts. Scattered regulatory oversight makes it difficult for stakeholders to initiate regulatory action and inefficiencies often result in stakeholders settling for a compromise rather than fair and equitable solutions. Therefore, it has become essential to understand and further explore the preventive and remedial alternatives for all stakeholders.

Download the approach paper from the link below.

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