Business Ethics and Corporate Governance, Second Edition

SEBI’S INITIATIVES

The Securities and Exchange Board of India appointed a committee on corporate governance on 7 May 1999, with 18 members under the chairmanship of Kumar Mangalam Birla with a view to promoting and raising the standards of corporate governance. The committee’s terms of reference were: (i) to suggest suitable amendments to the listing agreement (LA) executed by the stock exchanges with the companies and any other measures to improve the standards of corporate governance in the listed companies in areas such as continuous disclosure of material information, both financial and non-financial, manner and frequency of such disclosures, responsibilities of independent and outside directors; (ii) to draft a code of corporate best practices; ...