The government should think of a better alternative to the ICAI and SEBI. There should be an entirely new regulatory body to protect against frauds of the sort we have been discussing. It is well said that prevention is better than cure.
Unfortunately, in our Indian tax system, legal disputes ensue because tax laws are not drafted with clarity and are hence misused by tax officers. Such litigation adds to cases in the country’s already overburdened courts.
High-profile corporate scandals have brought into public consciousness the commonplace subject of corporate governance reforms. A separate act and regulations like RERA Act 2016 are required to protect equity capital investors in the stock market.