Indian Securities and Exchange Board: Improved corporate governance in stages

THE Securities and Exchange Board of India's decision to postpone the application of Clause 49 (of the listing agreement) by nine months has primarily been guided by practical considerations.

The amendments under the clause are not some stock market Arcanum. Yet, if some of the amendments are still found to be onerous, more time should be given to the corporates to iron out the difficulties. Such logic has weighed with SEBI while deferring the implementation date from March 31.

Announcing the postponement, the SEBI Chairman, M. Damodharan said: "Clause 49 is a means to an end .It seeks to improve governance levels in Indian corporates."

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