The Institute of Chartered Accountants of India (ICAI) has teamed up with the Securities and Exchange Board of India (SEBI) to combat corporate frauds, Press Trust of India (PTI) has reported.
The partnership aims to enhance efforts to detect and prevent financial misconduct in the country’s capital markets.
ICAI will support SEBI by drafting a research document focused on identifying and addressing financial fraud.
This report will provide insights and strategies to help the market regulator combat various fraudulent activities in the financial sector, according to the news agency.
ICAI president Charanjot Singh Nanda explained that a dedicated working group would be formed to collaborate with SEBI.
This group will deliberate on the specific issues to be covered in the initiative and help finalise the measures to counter financial fraud.
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By GlobalDataNanda was quoted by the news agency as saying: “India is a very favourable investment destination. People want to invest in India, and normal people have diverted their savings to the markets such as Systematic Investment Plans.”
The working group will deliver the research paper to SEBI, which will then guide the regulatory body in refining its fraud detection and prevention techniques.
This initiative aims to protect the credibility of India’s financial markets.
Nanda also stressed the significance of safeguarding investors’ interests, particularly given the growing participation of retail investors in the market.
The collaboration between ICAI and SEBI is set to establish a system that can effectively prevent fraud, thereby enhancing market trust. ICAI has membership of over 400,000 and a student base exceeding one million.
