'Sebi working on financial fraud checks': Sebi chairman Tuhin Kanta Pandey
"Circular transactions, round-tripping of funds, and diversion of shareholder money through complex multi-layered structures and misleading disclosures" are among tactics companies have used to circumvent regulation and exploit gaps in oversight, Pandey said. The result, he added, has been a serious erosion of confidence in market disclosures and governance standards. He was speaking at an ICAI event on Aug 1.
Sebi's response has been to adopt a zero-tolerance stance, backed by a mix of regulatory tightening, enforcement, and investor education.
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