To strengthen its surveillance efforts, the Corporate Affairs Ministry has plans to establish a data analysis and dissemination system for companies registered in the country.

Such a plan, also aimed at bringing in more transparency, comes against the backdrop of instances of corporate frauds and misappropriation of money through registered companies coming to the light.

The Ministry has plans to have a "data analysis and dissemination system", which would primarily focus on analysing the data provided by companies, according to sources.

The system would also help in having a better understanding about various aspects of companies, they added.

"We have all the necessary data. The idea is to collate them based on certain criteria, so that everyone can have a good picture about companies... The system might also help in spotting the discrepancies in data (provided by) companies," according to one of the sources.

Once data is collated, based on a set of criteria, such information could even be put on the Ministry's website for public use, sources said. The plan is at an initial stage, they added.