• CARO disclosures rose five-fold over three years, indicating a sharp increase in fraud reporting.
• Filings of reports signaled heightened escalation of material fraud and stronger audit assertiveness.
• Sectoral analysis reflects encouraging reporting trends across financial services and infrastructure, while consumer and technology show more whistleblower activity.

Last year’s analysis of CARO disclosures analysis highlighted a critical concern: the absence of whistleblower complaints from top NSE companies, including raised questions around the effectiveness of employee complaints mechanisms. Extending this analysis across three financial years (FY 22-23 to FY 24-25) provides a deeper lens, shifting the discussion from whether companies leverage vigil mechanisms for corporate governance to how consistently and credibly they do so.

Sector	Companies to which CARO was applicable1	Clause xi(a)2	Clause xi(b)3	Clause xi(c)4
FY 22-23	464	7	0	188
FY 23-24	462	21	8	195
FY 24-25	464	37	16	209

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Over the three-year period, disclosures under Clause xi(a), i.e., fraud noticed by or on the company, increased five-fold from seven companies in...

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