There are various laws which deal with corruption by public servants and we have also seen that many top government officials & politicians going to jail on charges of corruption ( even receiving favours) from interested parties/ suppliers. The current law in dealing with corruption, also extends to the employees of the private sector, which are involved in engaging in corrupt practices with the government. Also, there are separate laws covering corporate governance standards from compliances under the MCA and governing bodies under stock exchanges like SEBI etc. But, there is still large-scale corruption existing within the listed companies at various levels. Many companies don’t have strict compliance standards for its employees also there are no specific laws to tackle such corruption.
The fact that, the listed companies have large public money by way of investments done by retail investors directly or through mutual funds, it is important that very strict laws and compliance requirements are put in place in dealing with such corruption. Cases of corporate corruption have increased at an alarming pace and asking for direct or indirect favours, money is rampant in the corporates in India. While on the one hand the government servants are facing the heat and have fears of indulging in corrupt practices, the corruption in corporate sector is totally unchecked. There are hardly any effective penalties for such corruption and there is no fear what so ever with the corporate managers, who indulge in corrupt practices.
It is important that government realises this as an urgent issue to handle and comes out with a law in consultation with the corporate India and also puts a mechanisms in place to address these cases of corruption, within the public listed companies.
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