Sebi to Make Corporate Governance Norms in Listing Pacts into Regulations

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NEW DELHI: To ensure stricter compliance, capital market regulator Sebi will soon make clauses related to corporate governance in listing agreements into regulations.

Currently, clause 49 — pertaining to corporate governance — in listing agreements between companies and stock exchanges is monitored by the bourses. Once this clause is made into regulations, it would come under the direct oversight of Sebi.

Securities Exchange and Board of India (Sebi) chief U K Sinha has said the clause 49 of the listing agreement would soon be brought out as regulations by it, according to an official release.

Speaking at an event organised by the Institute of Company Secretaries of India (ICSI), Sinha said corporate governance is looked into “as a letter of law rather than the spirit behind it,” the release said.

Sinha also emphasised that whatever the regulator does, there is a need for active participation of shareholders, directors and other stakeholders as well with regard to corporate governance.

The issue of corporate governance has attracted much attention, especially in the wake of various scams and misdoings by companies coming into light.

(PTI, 27 Sept 2013)

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