SEBI To Take ICAI's Help In Tackling Financial Fraud

Chartered accountants' apex body ICAI will be preparing a research paper to help markets watchdog Securities and Exchange Board of India in dealing with financial frauds.

ICAI President Charanjot Singh Nanda on Saturday said the institute will set up a working group and hold discussions with SEBI to finalise the various aspects that will be looked into with respect to tackling financial fraud.

The working group will submit a research paper to the SEBI in this regard, Nanda told PTI.

Nanda had a meeting with SEBI Chairman Tuhin Kanta Pandey on Friday.

"India is a very favourable investment destination. People want to invest in India and normal people have diverted their savings to the markets such as Systematic Investment Plans," Nanda said at a briefing in the national capital.

It is important for SEBI to ensure the protection of investors' interests. Along with ICAI, a system can be developed to prevent fraud, he added.

In recent years, there have been increased investments in the capital market, including from retail investors. Also, there have been instances of financial misdoings and price rigging.

To protect investors' interests and boost the financial markets, various efforts are being taken by regulators to sensitise the public and curb frauds.

The Institute of Chartered Accountants of India or ICAI has more than 4.35 lakh members and over 10 lakh students.