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The article examines India's complex fraud-reporting landscape, highlighting tensions among regulatory frameworks that define fraud differently and impose varying reporting obligations. Companies face challenges with inconsistent standards across SEBI, NFRA, ICAI, and criminal law, creating timing conflicts and interpretational difficulties that require integrated compliance approaches
1. INTRODUCTION
Over the past decade, India has undergone a significant transformation in the perception of and approach to fraud in the corporate sector. Once regarded as an internal issue that could be discreetly investigated and resolved, fraud now stands prominently under the scrutiny of regulators, shareholders, auditors, and the public.
Despite the widely accepted understanding of fraud as a deceptive act that causes harm, there is no unified, formal definition of fraud. Instead, a mosaic of laws, ranging from the Companies Act, 2013 (the “Act”) and the Bharatiya Nyaya Sanhita, 2024 (“BNS”) to various sectoral regulations, establishes differing standards of evidence, reporting obligations, and consequences. This variation arises from the diverse objectives pursued by these regulations. As a result, different regulators consider a fraud to have occurred at different events. Previously, the impact of these differences was sof
