India, US to exchange information on corporate frauds: Pilot

With an aim to avert possible corporate frauds and safeguard the interest of investors, India is looking for greater exchange of information and regulatory cooperation with the US.

Besides the US government, India will also engage with the companies, universities and other institutions here for enhanced cooperation in various areas, Corporate Affairs Minister Sachin Pilot said.

An increased interaction at different levels would not only boost the bilateral ties, but also help in building stronger checks against corporate frauds in the two countries, the minister told PTI in an interview here during his recent visit to the US.

"We need to ensure there is adequate transparency in the dealings of companies' disclosures, keeping in mind the number of corporate frauds that have been unearthed in the recent past both in the US and in India," Pilot said.

The Minister said that India and the US would share data to prevent such frauds from happening in the future.

"We want to work not just with the government, but also with the private sector, universities and institutions across the US, enhance training programs, exchange regulatory officers, and promote faculty research and staff training both in judicial and non-judicial areas," he said.

During his visit, Pilot had meetings with the US Federal Trade Commission Chairman FTC Ramirez and Assistant Secretary of State Robert Blake, among others.