Kolkata, March 23 (IANS) Corporate and financial misdoings are mainly the consequences of multiple regulators that do no have their work defined, Corporate Affairs Minister Sachin Pilot said here Saturday.
“There are multiple regulators. Their scope of work is not clearly defined. People misuse the unregulated areas,” Pilot said during an event organised by The Institute of Company Secretaries Of India Eastern India Regional Council (ICSI EIRC).
“Misuse of regulations” in the country was due to the lack of clarity over the scope of works for the multiple financial regulators, he said.
“We may not just have to make laws, but also to create a culture of investors’ awareness,” the minister said.
Pilot, the minister of state with independent charge, was hopeful that the new Companies Bill would be passed in the budget session of parliament.
The Companies Bill, which was passed by the Lok Sabha in December 2012, is under consideration by the Rajya Sabha.
The bill, with tighter disclosure norms and stricter penal provisions, proposes new norms including companies spending on corporate social responsibility activities and more powers to the Serious Fraud Investigation Office.