Sebi may face CAG audit
File details
File description
The performance of Security and Exchange Board of India (Sebi) and other regulators such as Insurance Regulatory Development Authority (IRDA) may soon be put under scrutiny of the Comptroller and Auditor General (CAG) for their failure to detect irregularities in corporate governance such as the one discovered in Satyam Computers. After the lid was blown off the Satyam scam, the CAG sent a strongly-worded letter to the finance ministry stating that Sebi and IRDA had failed to put their funds under government accounts despite instructions issued by the government to do so.
Sebi has been maintaining a fund balance of Rs 707 crore as of March 2007 outside the government accounts.
“Though the funds are public money collected by the regulator as fees and other charges in the form of penalties and turnover fees, they have been kept outside the government accounts to prevent any critical appraisal of its performance and audit of its expenditure,†sources said.
#doc
Comments
Recent Files in Corporate Law
View more →Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Popular Files
- Processing Status of Citizen’s Charter Applications as of Sept 30, 2026
- RBI Bulletin - September 2026
- RBI | Report of the Advisory Committee on Ways and Means Advances to State Govts
- Monthly Economic Review - Sept 2026
- ICSI | Exposure Draft of Proposed Syllabus 2027
- ICAI Students' Journal: October 2026 Edition
- CA Intermediate Financial Management and Strategic Management Paper New Course September 2026
CAclubindia
