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Fraudulent Financial Practices and Investor Protection in the Indian

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Fraudulent Financial Practices and Investor Protection in the Indian FINAL REPORT OF UGC SPONSORED MAJOR RESEARCH PROJECT ON FRAUDULENT FINANCIAL PRACTICES AND INVESTOR PROTECTION IN THE INDIAN CAPITAL MARKET – ROLE OF SEBI F. No. 5-46/2014 (HRP) Dated 10th October, 2015 MRP-MAJOR-COMM-2013-8437 (GENERAL) Submitted to the UNIVERSITY GRANTS COMMISSION New Delhi By Dr. GADDAM NARESH REDDY PRINCIPAL INVESTIGATOR DEPARTMENT OF COMMERCE UNIVERSITY COLLEGE OF COMMERCE & BUSINESS MANAGEMENT OSMANIA UNIVERSITY HYDERABAD 2018 PREFACE The Indian securities markets have come a long way in the last three decades in terms of both quantitative as well as qualitative transformations. They have also witnessed quite a few ups and downs including a global financial crisis. The relationship between the rate of economic growth and growth in the securities market is two-fold and symbiotic. Strong economic growth helps securities market to develop and developed securities market mobilizes capital to fuel economic growth. In this ever changing global financial landscape, financial markets too are evolving, growing and getting more complex. To effectively regulate these markets, the regulators and policymakers need to be proactive, keep themselves updated and upgraded. Over a period of time, SEBI has strengthened both its regulatory purview and internal capacity to ensure that the interests of the investors are well protected. Efforts are under way to deepen the corporate bonds market, widen the penetration of mutual funds across the country and strengthening the commodities market. The efforts of the government and of policymakers, the Indian financial market will ascend to newer heights. Corporate sectors, stock markets, and the profession of accounting are increasingly gaining importance which calls for a more efficient and transparent working of corporate sectors. To achieve these ends, financial frauds are an impediment. The cases of Harshad Mehta (1991), Ketan Parekh (2001), IPO Demat Scam (2005), Satyam (2008), Sahara India Pariwar Investor Fraud (2010), Saradha Group Financial Scandal (2013), NSEL Scam (2013), and PACL Ponzi Scheme Scam (2014) are a few examples of these financial frauds in India. The increasing number of fraudulent financial practices in Indian capital market has engendered lots of issues and concerns. Fraud is a major source of risk which can have disastrous effects on the finances of a company. It can cause irreversible and often irreparable damage to the image and reputation of a company. In recent times, with increase in awareness, companies have started focusing on pro-active risk management strategies. However, a lot remains to be done, especially having regard to the complexity of instruments and the speed of transactions. Now a days the scope of business became wider with the increase in i business transactions, scope and the establishment of companies, where the people who run the business is separate from the owner and so many other reasons which increase the greed of people and leads to emerge the fraudulent financial practices. India has had its share of frauds and their incidence which has often significantly impacted investor confidence. In an atmosphere of doubt and disbelief financial statements are often viewed with skepticism. This has also led to erosion of confidence and reduced trust among participants in the financial system. The weakness of criminal law and criminal jurisprudence is very significant in the administration of justice in India. The common law pressure of the justice delivery system on account of 'proof beyond doubt' is very heavy especially in the offences relating to finance. It may result offenders going scot free. As a consequence, the investors are likely to lose their confidence on the capital market regulator and thereby in the long-run capital markets get affected. The present study on “Fraudulent Financial Practices and Investor Protection in the Indian Capital Market – Role of SEBI is an attempt to dwell into the above-mentioned theme with a thrust on fraud detection, investigation and prevention practices of SEBI. With the help of perceptions collected from the sample respondents and appropriate statistical tools, it is found that the total variance explained by these three factors is 65.929%. Out of which 31.237% contributed by fraud detection practices, 19.636% by fraud investigation practices and 15.056% by fraud prevention practices. The author places on record his gratefulness to UGC for funding to the successful completion of this three years major research project. Dr. GADDAM NARESH REDDY Asst. Professor of Commerce University College of Commerce & Business Management Osmania University Hyderabad ii ACKNOWLEDGEMENT At the outset I wish to place on record my deep sense of reverence and gratitude to the Secretary, University Grants Commission, New Delhi for sanctioning the major research project entitled, “Fraudulent Financial Practices and Investor Protection in the Indian Capital Market – Role of SEBI” and to carryout investigation under my supervision as Principal Investigator. I am also thankful to the Dean, Development UGC Unit, Osmania University, Hyderabad for giving administrative support. I extend my thanks to Prof. K. Shankaraiah, Dean Faculty of Commerce, Prof. Prashanta Athma, Head, Department of Commerce, Prof. S. V. Satyanarayana, Chairman, Board of Studies in Commerce, Prof. V. Appa Rao, Principal, UCC&BM, Prof. Laxman Gaddam former Dean and Prof. V. Anand Kumar former Head, Dept. of Commerce, Osmania University, Hyderabad for extending necessary facilities and co-operation to carry out my research project successfully. I extend my heartfelt thanks to Prof. H. Venkateshwarlu, Prof. T. Krishna Kumar, Prof. B. Raja Rathnam, Prof. V. Usha Kiran, Prof. D. Chennappa, Dr. I. Sekha, and Dr. J. Ravi Kumar for devoting their precious time in offering their valuable suggestions and guidance. I offer my thanks to the concerned Officers of SEBI, Bombay Stock Exchange Limited and National Stock Exchange Limited of Mumbai and Hyderabad offices who were kind enough in providing necessary information required for accomplishing the project. I also extend my heartfelt thanks to Dr. P. Srikanth, Dept. of Commerce, Post Graduate College, Secunderabad for helping in data analysis. I am very much thankful to my beloved friends and well-wishers Prof. B. Srinagesh, Department of Geography and Dr. A. Patrick, Department of Commerce, Osmania University for their continuous inspiration and support for the successful completion of this project. I offer my compliments to the project fellow Mrs. K. Navyata and research scholars Mr. Vijay and Mr. Kiran for working in this project. DR. GADDAM NARESH REDDY PRINCIPAL INVESTIGATOR iii LIST OF TABLES Table Page Title No. No. 1.1 Segmentation of Respondents 32 1.2 City-wise Turnover of Top 5 Cities in Cash Segment 33 1.3 Demographic Profile of Sample Respondents 36 1.4 Case Processing Summary 37 1.5 Overall Reliability Statistics 37 1.6 Reliability Statistics for Fraud Detection 38 1.7 Reliability Statistics for Fraud Investigation 38 1.8 Reliability Statistics for Fraud Prevention 38 1.9 Factor Reliability Statistics 38 2.1 Different Criminal Activities against Different Categories of 42 Offenses 2.2 Bird’s Eye View of Financial Frauds in India 55 4.1 Investigations by SEBI 109 4.2 Nature of Investigations Taken Up by SEBI 110 4.3 Nature of Investigations Completed by SEBI 112 4.4 Action Taken by SEBI 114 4.5 Prosecutions Launched during 1995-96 to 2016-17 115 4.6 Region-wise Data on Prosecution 117 4.7 Nature of Prosecutions Launched 118 4.8 Redressal of Investor Grievances by SEBI 120 iv 4.9 Region-wise Awareness Programs / Workshops Conducted by 124 SEBI 4.10 School Programs Conducted by SEBI 126 4.11 Financial Education Programs through Resource Persons 129 5.1 Descriptive Statistics of Three Factors 139 5.2 Communalities for Three Factors (including all 60 items) 140 5.3 Table-5.3: KMO and Bartlett's Test 141 5.4 Total Variance Explained 143 5.5 Rotated Component Matrix 144 5.6 Mean Ranks of Fraud Detection Questions 148 5.7 Mean Ranks of Fraud Investigation Questions 150 5.8 Mean Ranks of Fraud Prevention Questions 152 5.9 Mean Ranks of Fraud Detection, Investigation and Prevention 154 Questions 5.10 Mean Ranks of Response on Fraud Detection 156 5.11 Multiple Comparisons of Group Means on Fraud Detection 158 Practices of SEBI 5.12 Mean Ranks of Response on Fraud Investigation 162 5.13 Multiple Comparisons of Group Means on Fraud Investigation 163 Practices of SEBI 5.14 Mean Ranks of Response on Fraud Prevention 166 5.15 Multiple Comparisons of Group Means on Fraud Prevention 167 Practices of SEBI v LIST OF FIGURES Figure No. Title Page No. 2.1 Fraud Triangle 44 3.1 Frauds According to Securities Law 79 5.1 Scree Plot of Three Factors 146 vi LIST OF ABBREVIATIONS ADB : Asian Development Bank AMCs : Asset Management Companies AMFI : Association of Mutual Funds of India ATR : Action Taken Report BSE : Bombay Stock Exchange Limited CAQ : The Centre for Audit Quality CBI : Central Bureau of Investigation CCI : Controller of Capital Issues CDS : Credit Default Swap CDSL : Central Depository Services (India) Limited CFO : Chief Financial Officer CIS : Collective Investment Schemes CLB : Company Law Board DCA : Department of Company Affairs DEA : Department of Economic Affairs DFC : Deloitte Forensic Center DPs : Depository Participants EIC : Economic Intelligence Council FAFD : Financial Accounting Fraud Detection FD : Fraud Detection FI : Fraud Investigation vii FIIs : Foreign Institutional Investors FIs
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