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.
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