Revamping Oversight: Corporate Affairs Ministry Set to Tackle Financial Crimes and Boost CSR Transparency

A Parliamentary panel has urged the Ministry of Corporate Affairs to enhance its strategy against financial crimes and improve the efficacy of the SFIO. It stressed the need for a transparent CSR oversight system and expanded recruitment efforts for the NFRA to ensure effective regulation and accountability.

The Ministry of Corporate Affairs faces a critical call to action from a Parliamentary panel, demanding vigorous measures to preempt financial crimes. This includes enhancing the investigatory potential of the Serious Fraud Investigation Office (SFIO) by integrating forensic experts. The panel emphasized a strategic and coordinated approach to reforms.

Addressing recruitment challenges, the National Financial Reporting Authority (NFRA) needs immediate attention. With only 32 out of 69 sanctioned positions filled, the panel highlighted the necessity of creating a roadmap for recruiting and retaining skilled professionals. This approach aims to fortify the NFRA's oversight of Public Interest Entities.

A critique of the current Corporate Social Responsibility (CSR) framework also features prominently in the committee's report. It advocates for a transparent system requiring analytical impact assessments of CSR projects and efficient utilization of unspent CSR funds, ensuring accountability and socio-economic development.

(With inputs from agencies.)