Business Ethics and Corporate Governance, Second Edition

RATIONALE FOR A REVIEW OF THE BIRLA CODE

In the perception of SEBI, there was a need to appoint a committee as a follow-up of the Birla Committee’s report and the experience gained from the analysis of compliance reports. SEBI then believed that there should be on-going efforts to build up on the corporate governance structure already put in place. This is because governance standards are themselves evolving in keeping with market dynamics. Recent developments worldwide, especially in the US, have renewed the emphasis on corporate governance. These developments have highlighted once again the need for ethical governance and management and for looking beyond mere systems and procedures. Further attempts were called for in the perception of SEBI, ...