Sebi is likely to finalise the new corporate governance norms for listed companies once the government completes notification of all the sections of the Companies Act
GN Bureau | October 18, 2013
Following the passage of the new Companies Act, the securities and exchange board of India (Sebi) is looking to incorporate its provisions in the Sebi Act so as to enhance the corporate governance practices in listed companies.
According to a report in Business Standard, the markets watchdog is planning to bring in a new regulation including various guidelines of the Companies Act on appointment of independent directors, related party transactions, class action suits, corporate social responsibility (CSR) spending, etc.
With various cases of frauds, illegal collective investment schemes, etc coming to light, the markets watchdog has been working towards enhancing corporate governance practices in listed companies.
Earlier in January, Sebi had released a consultative paper to review the existing rules related to corporate governance in the country. However, decision is yet to be taken on the proposals, which the regulator is likely to announce only after the government completes notification of all the sections of the Companies Act.
Some of the proposals of the discussion paper include mandatory auditor rotation, giving power to minority shareholders to appoint at least one independent director on a company’s board, and seeking shareholders’ approval for undertaking related party transactions.
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