SEBI chief for quick punishment for Satyam fraudsters
Securities and Exchange Board of India Chairman C B Bhave on Thursday said punishment should be quick for the perpetrators of fraud at IT firm Satyam Computer.
By PTI |
KOLKATA: Securities and Exchange Board of India Chairman C B Bhave on Thursday said punishment should be quick for the perpetrators of fraud at IT firm Satyam Computer.
Bhave said that the Satyam issue had been tackled well by the Indian agencies, adding that they were still looking at the lacunae.
He said that if the fault was well within the system, then it would be definitely rectified.
But if it was due to a particular individual, then the person should be brought to book.
Bhave said that four or five months time was not sufficient to book somebody given the nature of our legal system.
"However it should not take 15 years also", he said. Satyam founder B Ramalinga Raju had been put behind the bars for confessing committing the fraud in the IT services major which shook India Inc.
Bhave said that the three checks, internal audit, statutory audit and endorsement of the audit panel where independent directors were the majority, had failed in the case of Satyam.
Now it required to be seen whether more checks were required, he said.
Bhave said that the Satyam issue had been tackled well by the Indian agencies, adding that they were still looking at the lacunae.
He said that if the fault was well within the system, then it would be definitely rectified.
But if it was due to a particular individual, then the person should be brought to book.
Bhave said that four or five months time was not sufficient to book somebody given the nature of our legal system.
"However it should not take 15 years also", he said. Satyam founder B Ramalinga Raju had been put behind the bars for confessing committing the fraud in the IT services major which shook India Inc.
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Bhave said that the three checks, internal audit, statutory audit and endorsement of the audit panel where independent directors were the majority, had failed in the case of Satyam.
Now it required to be seen whether more checks were required, he said.
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