AZB & Partners conducted a survey on leading Indian corporate houses, professionals and stakeholders working with India Inc. on the contemporary issues in the white-collar crimes space (‘Survey’). The Survey focused on twelve broad themes concerning white-collar crimes ranging from cultural aspects / business ethos and being part of the Environmental, Social and Governance (‘ESG’) agenda, changes in law and increased enforcement, impact on internal stakeholders (board and management) and external stakeholders (auditors), among others.

The analysis and some of the key findings of the Survey are:

i.    83% of the respondents witnessed an increased focus on ethical considerations in the way business is conducted in India.

ii.   Over 60% of the respondents believe that management and directors of companies have become more conscious about ensuring compliance and ethical way of doing business.

iii.  Complex and layered shareholdings in companies and related party transactions are the most susceptible areas of corporate fraud and corruption, and want statutory auditors to play a more proactive role.

iv.   Over 60% of the respondents believe that further regulatory enforcement actions are needed to curb the menace of fraud and corruption in India.

The Survey reveals that while some aspects may take time, the journey towards a cleaner, ethical business environment with zero tolerance towards corporate frauds and other white-collar crimes like bribery and corruption is an ongoing process.

Access the complete survey here.