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ALL CAME TUMBLING DOWN:u00a0 A stock trader is disappointed as stock prices fall after the Satyam fraud came to light on Wednesday. </td></tr></tbody></table>The Satyam scam is a reflection of the failure of corporate governance in India, believe readers The year 2009 started with the IT market crashing down. The Satyam scandal is only the tip of the iceberg and we can expect more downfalls in the days to come. We will have to wait and watch what happens to our economy. u00a0 There is a need to study the accounts of all big firms immediately, examine the loopholes in the accounting and audit systems in our country and address them with urgency. The Satyam fraud throws light on the failure of the audit proceedings. This is a fraud to the tune of Rs 7,100 crore and its magnitude cannot be undermined. Before the situation goes out of control, this problem has to be dealt with on war footing. u00a0 Culprits should be given the most stringent punishment.u00a0 u00a0 Just like the Harshad Mehta scam, the Securities Exchange Board of India (SEBI) failed in the case of Satyam as well. The high intensity of money flow and the crash down showed the inherent weakness in our system. Now, it is the turn of the RBI to take up constructive measures and take corrective steps against the erring bankers. After all, it's public money which is at stake. Care should be taken to ensure that the image of the Indian IT sector is not tarnished beyond repair. u00a0 Need transparency u00a0 The startling revelation by the chairman of Satyam group has shocked the entire investor community. The auditors, independent directors, internal audit teams, regulatory agencies, audit committees have systematically fooled the innocent public. This is not the first instance and will not be the last either. u00a0 The need for accountability and transparency should be highlighted. It's clear that regulatory agencies are not performing their duties. The Satyam scandal is a collective failure of the Board and the auditors. Each one of them needs to be punished.

The Satyam scam is a reflection of the failure of corporate governance in India, believe readers 

System failure!

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System failure!

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