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India also experienced some financial scandals during 1950s eighties and nineties and post 2001 period such as the Mundras scam involving LIC (1957), Raj Sethia s scandal involving the Punjab National Bank in early 1985, Harshad Methat Mega Swindle involving UTI, SBI and other institutions in 1992, unit trust of india s two episodes during its then Chairman Mr. Pherwani s period and again in 2001, when Mr. Subramanian was Chairman, Ketan Parekh s fraud involving Bank of India and Gujarat Co-operative Bank in 2001, Telgi s stamp paper scam and erstwhile Global Trust Banks Scam in early 2004 and Satyam s episode (2008). Against the above backdrop and also based on the experiences of UK and USA, a number of committees were set up in India to study and examine the causes of such scams .