Satyam scam: Regulation is better, but implementation has a long way to go

It may be a while before governance standards can prevent another Satyam-like fraud

A string of regulatory changes since the Satyam scandal a decade ago has made the framework for handling such issues far stronger. But, structural issues remain, especially on implementation, which could affect how effective these regulations are, according to experts.

Changes include the fact that independent directors are more accountable than before, smaller shareholders have the ability to address wrongs through class action suits, disclosures have improved on pledging, whistle-blower mechanisms are in a better place and shareholder activism has helped make promoters more accountable. 

The board of directors, in particular, has been given a greater role in firms. 

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