The Securities and Exchange Board of India (SEBI) has said that most frauds seen in India are a result of financial statement manipulations by chief financial officers (CFOs). Speaking at the CFO Summit, SEBI’s whole-time member, S.K. Mohanty, said CFOs were “critical gatekeepers to ensure market integrity” and that “many frauds could have been prevented if the CFO had acted as a first level check on these activities of management”. SEBI has now formed a dedicated department to prevent frauds and has employed in-house talent that has completed chartered accountancy.
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