SEBI.

New Delhi:

The Chief Financial Officers (CFOs) of companies most responsible for fraud cases in the country are the CEOs. Securities and Exchange Board of India (Sebi) full-time member (WTM) S K Mohanty said this recently, citing an analysis by the stock market regulator. "The role of CFOs goes beyond maintaining business accounts, and Sebi sees them as important watchdogs to ensure market integrity," Mohanty said.

"In retrospect, based on the analysis we have conducted, many frauds could have been prevented if the CFO had acted as the first tier of investigation of these management activities," Mohanty said while addressing the CFO's conference organised by industry body FICCI.

"Most of the frauds have taken place due to falsification of financial statements, which is the domain of the CFO," Mohanty said.




(This story has not been edited by the NDTV team; it has been published directly from the Syndicate feed.) )