India Inc less deceiving, more accountable: FICCI

India is on a better footing than the West in terms of ethics and practices.

Predicting that the current market boom will continue, newly elected FICCI President Saroj Poddar on Wednesday asked the industry to accept the reality of Clause 49 and appoint independent directors saying corporate India was on a better footing than the West in terms of ethics and business practice.

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"India Inc is certainly better off than Europe and Japan or America which have witnessed mega corporate frauds," he said, adding that corporate India had nothing to fear about.

"Indian corporates' accountability and audit have performed exceptionally well and our system of audit control are far better," he said while advising the corporates to accept the policy changes and be proactive in reforms.

"Indian corporates are conscientious and levels of irregularity are much lower, Poddar said, adding: "We have seen frauds like Enron, Parmalate and Worldcom elsewhere...."

Ruling out manipulations in the current bull run in the stock markets, he said: "Today, market to a large extent, is supported by excellent corporate results and the rise of market is not unjustified".

He said lots of funds were interested in Indian securities as the growth rates were far higher than other global markets.

Bullish on the current market rally, Poddar said: "It will continue unless there are any significant changes in government policy or sudden withdrawal of funds by FIIs."

Asked to comment on issues that corporate India must address, the newly elected FICCI President said: "We must appear to be proactive in reforms and must not be seen to have something to hide."

Terming Indian corporates as far more "conscienteous," Poddar said accountability and audits of Indian firms were far better.