Business Environment, 4th Edition by Pearson

462 | Chapter 16

received thereof, SEBI issued a circular on 26 August 2003 revising Clause 49 of

the Listing Agreement, to review the progress of the corporate sector in meeting

the norms of corporate governance and to determine the role of companies in

responding to rumour and other price-sensitive information circulating in the

market, in order to enhance the transparency and integrity of the market players and

participants.

Major changes have been made to the definition of ‘independent directors’,

strengthening the responsibilities of Audit Committee, improving the quality of

financial disclosures, and finally, the board as a whole has been ...