With an aim to unearth financial irregularities and other fraudulent transactions at listed companies, capital market regulator SEBI is planning to set up a new whistle-blower mechanism for auditors and other 'gatekeepers' to report such cases.
Officials said most of these auditor exits have taken place at a much later stage, but a 'confidentiality mechanism' can help in cases of financial frauds being reported at an early stage by auditors, independent directors and others considered to be 'gatekeepers' or 'conscience keepers'. Regulators and enforcement agencies have often stressed that auditors, independent directors, investment bankers, valuers and other such entities have a greater responsibility to ensure compliance to regulations and safeguard the interest by minority shareholders.
While Securities and Exchange Board of india (SEBI) has announced a new mechanism to reward informants with up to Rs 1 crore cash for any credible inside information for providing information on insider trading at listed companies, this is not applicable to corporate entities and professionals such as auditors and lawyers.
IMF projected India's growth rate at 6.1% in 2019 The IMF on Tuesday slashed India's GDP growth projection for the year 2019 to 6.1 per cent, which is 1.2 % down from its April projections. The International Monetary Fund (IMF) in April said India will grow at 7.3% in 2019. However, three months later it projected a slower growth rate for India in 2019, a downward revision of 0.3%.
- IMF projected India's growth rate at 6.1% in 2019
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