IT veteran pushes for SEBI probe into Satyam saga
An Information Technology sector veteran says SEBI should have been allowed to question Satyam management and believes it’s time the Department of Company Affairs delegated a lot of its powers to the market regulator to effectively probe corporate frauds.business Updated: Mar 06, 2009 12:49 IST
An Information Technology sector veteran says SEBI should have been allowed to question Satyam management and believes it’s time the Department of Company Affairs (DCA) delegated a lot of its powers to the market regulator to effectively probe corporate frauds.
“I feel SEBI as a main regulator should have been give a proper opportunity to question them (Satyam management) because SEBI officers have the best technical knowledge to look at the accounts and everything”, former Karnataka IT Secretary Vivek Kulkarni told PTI here.
Kulkarni,who has more that 25 years experience in business and government and is currently Chairman and CEO of Knowledge Process Outsourcing company Brickwork India, said DCA also has to delegate a lot of its powers to SEBI.
“So far DCA has not done it. Most of the powers are with DCA themselves. So the net result is SEBI is like a field office”, he said.
A former division chief of SEBI himself, Kulkarni said: “Because of this multiple regulations - DCA, RBI, SEBI and so on and the State government which has NBFC act etc.,it’s very difficult to coordinate amongst regulators and if one person (regulator) says that it’s my domain and does not give information to other, everybody suffers”.