Corporate Financial Transgression and Effects of Changes in Regulatory System in India
Manav Aggarwal1, Babli Dhiman2
1Manav Aggarwal*, Research Scholar, Mittal School of Business, Lovely Professional University, Phagwara, Punjab.
2Dr. Babli Dhiman, Associate Professor, Mittal School of Business, Lovely Professional University, Phagwara, Punjab.
Manuscript received on September 15, 2019. | Revised Manuscript received on 24 September, 2019. | Manuscript published on October 10, 2019. | PP: 1880-1884 | Volume-8 Issue-12, October 2019. | Retrieval Number: L28731081219/2019©BEIESP | DOI: 10.35940/ijitee.L2873.1081219
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Financial Transgression is a problem which has surrounded the Corporate World. Violation of regulatory provisions and gaps in financial reporting practices have led to occurrence of frauds. Developing as well as Developed Nations, both are victims of this problem. This paper is an attempt to find the various reasons of financial transgression in India and evaluation of subsequent changes made thereafter by regulatory bodies in the statutes so that no such cases occur in future. Secondary sources of information were used to cover the cases of financial transgression in India for the period 1991 i.e. beginning of LPG regime till 2018 for the purpose of the paper which leads to changes in regulatory framework and reporting practices. The timeline of the cases in India is strategically hinting towards the weak regulatory system of India along with late changes made in the relevant regulatory framework. Whenever a new case of financial transgression has been reported, it reflected the loopholes in the system. So it is high time for India to learn a hard lesson for the growth of the economy.
Keywords: Financial Transgression, International Financial Reporting Standards (IFRS), Reforms, Regulatory System
Scope of the Article: Industrial, Financial and Scientific Applications of All Kind