Satyam probe to take an year for completion: SEBI chief
Market regulator SEBI on Tuesday said it will be able to take action against the culprits in Satyam accounting fraud case in the next one year.business Updated: Sep 08, 2009 21:25 IST
Market regulator SEBI on Tuesday said it will be able to take action against the culprits in Satyam accounting fraud case in the next one year.
"... in the next one year or so, we will be able to take action (against the culprits) and we (SEBI) will come out with flying colours as far as this probe is concerned," SEBI Chairman C B Bhave said at an interactive session, organised by the Bangalore Chamber of Commerce and Industry.
"Now the energies are focused on bringing the culprits to book," he said, adding if SEBI failed to do so, the "world will criticise (us)", he said.
On criticism that independent directors on the Satyam Board before the scam broke out did not failed to prevent the fraud, Bhave said, "We are studying the investigation material and unless we come to the conclusion that there are certain things that they (independent directors) needed to do but did not do, we would not come to the conclusion that independent directors failed in their duty."
SEBI is investigating whether its mechanism to prevent such frauds failed or if the fraud was "clever" that it could be perpetrated despite the mechanism.