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India Inc controversies through business ethics stem from violations of insider trading rules
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SME Times News Bureau | 25 Apr, 2022
The controversies through business ethics usually stem from violations
of insider trading rules and non-compliance with SEBI LODR guidelines.
Business Ethics has emerged to occupy a major portion of
controversies both in service and manufacturing sector with as much as
72.6 per cent, as per the research and analysis carried out by
ESGRisk.ai with NSE 600 companies in the financial year 2020-21. This
is despite the fact that corporations are taking measures for
sustainable business practices.
The controversies in the key issue of business ethics grew significantly between FY2020 and FY2021.
Sankar
Chakraborti, Chairman, ESGRisk.ai & Group CEO, Acuite, said that
"several of the controversies are predominantly with respect to business
ethics and stem from violations of insider trading rules, money
laundering and non-compliance with SEBI LODR guidelines. BSFI sector is
at the heart of ESG integration, the industry should set up policies,
undertake initiatives and curate training programs apart from just
following the regulations".
Among the industries that have
experienced the most controversies after Banking & Financial
Services, are Pharmaceuticals and Metals.
ESGRisk.ai has also recognised a rise in contentions over environmental management issues in FY2021.
In
several cases, pollution control boards' regulations with respect to
emissions, water pollution and environmental management were violated.
In the social category, a rise in controversies related to employee
safety has been observed. Occupational health and safety hazards are
largely attributed to plant fires and explosions, inadequate maintenance
of machinery, and poor handling by workers.
Corporate frauds in
India are frequent whistle blower complaints, corrupt audit practices
and compliance fines are typical corporate governance controversies.
According
to ESGRisk.ai's research, the controversies in the key issue of
business ethics grew significantly between FY2020 and FY2021. Several of
the controversies stem from violations of insider trading rules and
non-compliance with SEBI LODR guidelines.
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