Enough checks, balances in place to tackle frauds: SEBI

India has sufficient checks and balances to tackle frauds, and nobody should have the impression that “systems are not working” whenever any scam comes to light, SEBI chairman Tuhin Kanta Pandey has said.

SEBI’s newly-appointed chief said generally there is a tendency to be influenced by anecdotal evidence and form perceptions on frauds without going into the statistics.

“… There are checks and balances happening; the exchanges are first line regulators, a lot of disclosures are happening, a lot of auditors are doing their job. So let us not think that... the systems are really not working,” Pandey said.

It is the number of people violating norms or committing frauds which should be a matter of concern, Pandey added.

When asked about a recent case involving a private sector bank where auditors were found wanting and murmurs of stock sale by senior executives, Pandey said the regulator always takes insider trading very seriously.