In order to ensure transparency, equity and competitiveness in public procurement, the Central Vigilance Commission (CVC) recommends adoption and implementation of the concept of Integrity Pact (IP) by Government organizations, Public Sector Enterprises, Public Sector Banks, Insurance Companies, other Financial Institutions and Autonomous Bodies. The Integrity Pact essentially envisages an agreement between the prospective vendors/bidders and the buyer, committing the persons/officials of both sides, not to resort to any corrupt practices in any aspect/stage of the contract. Integrity Pact is implemented through a panel of Independent External Monitors (IEM), who are nominated by the CVC from amongst the panel maintained by it and appointed by the respective organization. The IEMs for IFSCA are as follows.