Take, for instance, the proposal for the Securities and Exchange Board of India (Sebi) to penalize auditors if it observes lapses in their review of listed companies’ numbers. Even MCA, in its comments on the report, said Sebi’s powers on auditors of listed entities need “to be examined”. Of the 24 recommendations on the board of directors alone, the MCA has expressed dissent on 12. “In principle, it is not an overlap, MCA is looking at over 7-8 lakh companies whereas Sebi has jurisdiction over only about 5,000 listed companies. Even Sreedharan didn’t know what metro looks like when he became ‘metro man’ of India,” Goyal said, referring to E. Sreedharan, who oversaw the construction of the Delhi Metro network.

Source: Mint October 06, 2017 17:59 UTC