Business Ethics and Corporate Governance, Second Edition

SEBI’S ROLE IN PROMOTING CORPORATE GOVERNANCE

G. N. Bajpai, former Chairman, Securities and Exchance Board of India, claimed in an international conference in 2003: ‘With the objective of improving market efficiency, enhancing transparency, preventing unfair trade practices and bringing the Indian market up to international standards, a package of reforms consisting of measures to liberalize, regulate and develop the securities market was introduced in the 1990s. The practice of allocation of resources among different competing entities as well as its terms by a central authority was discontinued. The issuers complying with the eligibility criteria now have freedom to issue the securities at market-determined rates. The secondary market overcame ...