The Indian government is considering introducing an independent regulator for the accountancy profession, in an effort to move on from the Satyam case where two Price Waterhouse India employees have been jailed. Minister for corporate affairs Salman Khurshid said India may have to adopt a similar system to the one in the UK, where the Financial Reporting Council acts as the regulator. Khurshid said: 'In the West, education and training and regulation are divorced from each other, possibly we may have to look at that model.' He added: 'Currently, professionals are not answerable to anyone except their own body unless they are indicted under the criminal code.' Professionals say there is little responsibility faced by those who are suspected of not adhering to good conduct. The proposal is supported by the president of the Institute of Cost Accountants of India, Kunal Banerjee. He told the Telegraph India : 'We agree. There should be a high-level accounting oversight body such as in the UK. The quality of oversight and transparency would improve.' India's call for an independent regulator comes after B Ramalinga Raju, the founder of the IT company Satyam, confessed to falsifying accounts by $1bn (£600m) in January. Subsequently, its Price Waterhouse India auditors, Sri S Gopalakrishnan and Srinivas Talluri were charged by the Indian authorities for failing to spot the massive accounting errors and were sent to jail.