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India’s Whistleblower Protection in Finance Needs Urgent Attention

The recent awarding of a whistleblower with the prestigious Ramon Magsaysay Award has brought attention to the crucial role whistleblowers play in promoting transparency and ethics in Indian finance. However, despite this recognition, India’s whistleblower protection laws remain inadequate, leaving those who speak out against malpractices vulnerable to retaliation.

The Challenges Faced by Whistleblowers

According to Jayant Saran, Senior Director at Deloitte India, whistleblowers are often faced with challenges that discourage them from coming forward. “In our experience, while whistleblowers may face retaliation and other issues, they remain the best source of information on malpractices in any system,” he said.

The Importance of Whistleblowers

The importance of whistleblowers is evident in global statistics, which show that over 40% of all frauds are detected through tips, according to a report by the Association of Certified Fraud Examiners (ACFE). In India, where complex business operations and limited internal controls can make it difficult to detect fraud, concerned employees or third parties are often the first to raise red flags.

Existing Laws and Mechanisms

The Companies Act, 2013, and SEBI’s Clause 49 of the Listing Agreement have made it mandatory for certain companies to establish mechanisms to receive complaints from directors and employees. The Whistleblowers Protection Act, 2014, passed last year, aims to encourage individuals to report suspected malpractice in public sector organizations. However, concerns remain about how protection would be accorded to whistleblowers whose identity is known.

Instances of Retaliation

There are numerous instances of retaliation against whistleblowers in Indian corporations and government-driven organizations, including cases where they have lost their lives fighting fraud and corruption. While some private sector companies allow anonymous complaints and protect the identities of whistleblowers, there is an urgent need for the government to focus on these areas.

A Model Worth Considering

The US Whistleblower Protection Enhancement Act, 2012, provides a model that India can consider adopting. This act protects federal employees who report wrongdoing from retaliation and ensures their identity remains confidential. Until then, the challenges faced by whistleblowers in India are likely to continue, discouraging others from speaking out against malpractices and perpetuating a culture of secrecy and corruption.

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