The BBC takes a look at the impact the scandal has on the world’s financial regulatory system. It reports the World Bank, for the first time, disclosed the list of companies barred from its assistance program:

“India's IT sector was dealt a further blow after the World Bank said that three Indian firms, including Satyam, were on a list of companies that are banned from doing business with the bank.

This was the first time the World Bank had disclosed the list of companies barred from receiving direct contracts under its corporate procurement program.”

India’s NDTV is optimistic about the future after the government has appointed three new board members to salvage the outsourcing giant’s financial mess. It finds most investors satisfied and confident that their rescuers will take good care of the job:

“Well, I think it’s a good beginning. Some actions and quick actions taken.”
“They are experts in their own fields of specialization and we are extremely happy with this kind of choice by the government.”
“All the three names are a welcome suggestion from the investor perspective.”

India’s daily The Hindu questions the State government for the delay in legal actions against the Satyam former chairman, calling him “the self-confessed perpetrator of the biggest corporate fraud in Indian history.”

It says: “In crimes of this nature and magnitude, it is essential that the investigating agencies move swiftly to collect the evidence before anyone has a chance to tamper with it and to demonstrate … that ‘howsoever high you may be, the law is above you.’ ”

The New York Times examines the scale of the fraud, comparing it to a well-known scandal in the United States - Enron.

“The fraud has been dubbed India’s equivalent of the Enron scandal. It is one of the largest ever in India and could affect the operations of Satyam’s more than 600 clients, which include one-third of the Fortune 500.”

The New York Times also casts doubt on the financial regulation in the world’s big businesses.

“…the size of the fraud raising questions about regulatory oversight in India and beyond, and concerns that clients and investors might shun Indian companies, particularly those with family connections and fast growth like Satyam.”