Friday, January 18, 2008

‘SEBI to deal with specific provisions on corporate governance for listed cos’

The new company law is likely to stipulate that specific provisions on corporate governance for listed companies, including the number of independent directors on the board, will be outlined by the Securities and Exchange Board of India.

This would help curb the possible overlaps between SEBI and the Ministry of Corporate Affairs (MCA), an official source said.

“SEBI will have the liberty to prescribe higher standards of corporate governance for listed companies,” he said.

Certain provisions of the new law, to be placed in Parliament soon, had seen the Finance Ministry and the Comptroller and Auditor -General (C&AG) expressing concern. The Ministry was of the view that the law should make only enabling provisions and prescribe a minimum threshold limit, official sources said.

‘SEBI to deal with specific provisions on corporate governance for listed cos’

Labels: corporate governance, India, MCA, SEBI

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