Mkt studies reveal ‘explosive matter: Govt

“We are instituting a lot of market analytical studies by various entities (under us) such as Registrars of Companies and Regional Directors… That sometimes discloses various explosive matters,” Moily told reporters here.

The government is making efforts to boost transparency in affairs of corporates and the new Companies Bill has strict disclosure norms.

The Serious Fraud Investigation Office,under the Corporate Affairs Ministry,has its own market analysis unit. SFIO has the mandate to probe cases of financial frauds

referred to it by the Ministry.

The Competition Commission of India (CCI) too has its division for market analysis.

Corporate Affairs Secretary Naved Masood said disclosure requirements have been strengthened in the Companies Bill.

“Hopefully in the years to come,the cases necessitating enquiries,investigation and inspections will be less,” he said.

In response to a query on whether the probe reports of SFIO would be made public,Masood said it would be a “tall order”.

“However,after an action is completed,probably for SFIO we can examine (whether we can make reports public) depending on whether there is a legal bar… But we cannot make things public when the prosecution is on,” he said.

SFIO was well-appreciated for its investigation into the Satyam Computer scandal and is currently probing many high profile cases,including alleged financial irregularities at Reebok and multi-layered marketing company Speak Asia.