SEBI should probe Satyam fraud: Expert

SEBI should probe Satyam fraud: Expert Bangalore | Friday, Mar 6 2009 IST Former Karnataka IT and BT Principal Secretary Vivek Kulkarni today said investigation into the Rs 7,800 crore Satyam fraud should have been entrusted to Security and Exchanges Board of India (SEBI). Talking to UNI here he said, ''I feel that SEBI as the main regulator, should have been entrusted with the task. It should have been given opportunity to properly question them.'' SEBI officers had the best technical knowledge to look into the accounts and other things. The ministry of Company Affairs had also delegated lot of power to SEBI, he said. He said it was doubtful if various departments would fully cooperate with CBI, which had been entrusted with the probe. ''We need to rethink on those lines. Multiple regulators, including RBI, SEBI, DPR and Andhra Pradesh government has to cooperate. It is very difficult to coordinate among themselves. One person says it is my domain and does not give information. Hence, the SEBI, which has been set up as a regulator, could have handled and unearthed the truth in a correct form,'' he added. Revealation of Satyam fraud was definitely a shock. Despite its accounting going through many phases of auditing, the fraud was not unearthed for obvious reasons. Mr Kulkarni, who is now Chairman of BPO major Brickwork India, said it was shocking because Satyam used to tell everyone the importance of discipline and reforms. Now people would be wary of the Accounting firms and investor bankers, he added. -- (UNI) -- 06MC4.xml

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