Sharma said however that it would take a while before the change is seen in the mindset that is driven by good corporate governance.

"India is a thriving business destination and there is a dire need for the industry to shoulder the responsibility for corporate ethics," Sharma was quoted as saying in a statement issued by consultancy EY while releasing a survey on Tuesday.

"Although we seem to be moving the needle toward greater compliance, it will be a while before we can see a change in mind-set, driven by good corporate governance," Sharma said.

As per the survey titled 'The whistle blowing quandary: India Inc's journey from oblivious to obvious', fraud and misconduct threat risk landscape has expanded exponentially, propelling the government to take additional steps to enhance corporate governance.

Regulatory measures have paved the way for enhanced governance practices for companies to adopt as compliance- related initiatives, it added.

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