The Securities and Exchange Board of India (SEBI) today said that the companies enlisted with any of the stock exchanges in India will have to abide and comply with the Clause 49 on Corporate Governance, on 31st December 2005 or the gatekeeper organization will strictly deal with them. Informing this during his address on Corporate Governance " Shift from Compliance to Delivering Value, to the members of the Madras Chamber of Commerce and Industry, SEBI Chairperson, M Damodaran, said that his organization would deal strictly with those companies which have not complied with the clause 49.
"The issue and doubts about some big companies getting away without complying will be addressed on 1st January 2006. It would be more difficult and painful for these non-compliant companies," he said adding that the markets will by themselves reward those who abide by the law of the land.
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