Even as corporate India is reeling under the aftereffects of the Satyam debacle, despite putting up a brave front that this is an exception and will not have any impact on the IT and BPO industry in India, analysts say that the IT/BPO companies will have to be ready to face more client queries.

Some industry leaders do not rule out the possibility of Indian BPOs losing business. Outsourcers could possibly lose future new business. This could add up and have a further negative effect on the already under pressure BPO industry as a whole says a report in CXOToday.

However, there is no reason to press the panic button as yet. After-effects of a fraud of such a scale is only normal. It is fair to expect clients to demand more information and the industry is bound to feel jittery due to such adversity. The silver lining is that this will be so only for a short while till the mess is sorted out.

Customers would demand greater transparency and a higher degree of proper corporate governance. BPO and IT companies may even go beyond just one external auditor and have a double audit in order to reassure clients, industry, stakeholders, and the country at large.

“Most companies have a close relationship with their clients,” said Narayana Murthy, non-executive chairman of Infosys. “We have a lot of transactions where we have demonstrated class, quality and integrity, so I don't think all of that will be destroyed just because of one bad apple.”

According to analysts it is unlikely that there will be mass scale withdrawal of business to the Indian industry as a result of this issue, however that the evaluation process of Indian providers will be expanded now to include a higher level of financial scrutiny, something which the companies (especially the larger firms) have not been subjected to so far, and they need to be prepared to respond to this scrutiny.