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India's market regulator sets up panel to improve corporate governance
June 2, 2017 / 12:46 PM / 6 months ago

India's market regulator sets up panel to improve corporate governance

MUMBAI (Reuters) - India’s market regulator has set up a committee to help improve corporate governance of listed companies, it said on Friday, in the light of recent high-profile corporate tussles.

The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. REUTERS/Shailesh Andrade

Apart from helping ensure the independence of independent directors, the panel will also advise the market regulator on resolving issues related to accounting, auditing and board’s disclosure practices, the Securities and Exchange Board of India (SEBI) said in press release.

Recent high-profile corporate tussles, including the one between Tata conglomerate and former chairman Cyrus Mistry, put the focus on corporate governance in India and highlighted the need for better oversight and tighter regulation of company boards.

SEBI Chairman Ajay Tyagi, having served as additional secretary in the finance ministry’s economic affairs department since 2014 before taking the top job at the regulator earlier this year, was expected to focus on shoring up corporate governance norms.

The committee, headed by Kotak Mahindra Bank Managing Director Uday Kotak, will also include members from the corporate world, stock exchanges, law firms, investors groups, academicians, and the market regulator itself, SEBI said.

Reporting by Abhirup Roy; Editing by Vyas Mohan

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