Financial Daily from THE HINDU group of publications
Wednesday, Nov 03, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 03, 2004 |
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Corporate
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Corporate Governance `Rating agencies must cover more firms on corporate governance' Our Bureau
Mumbai , Nov. 2 THE Chairman of the Securities and Exchange Board of India, Mr G.N. Bajpai, has mooted the need for private sector led corporate governance norms for Indian corporates. Addressing the inaugural session of the SEBI-FICCI annual global conference on securities market, here on Tuesday, Mr Bajpai said private rating agencies should expand the number of companies covered under corporate governance ratings. This year, 50 companies will be audited for corporate governance ratings, he said. Though the numbers are small, as a trend, all stakeholders in the Indian securities market will view this as an important step forward, said Mr Bajpai. Public sector regulatory enforcement has serious demerits because of the `rule-based' nature of regulation. "Corporate governance, if it is handled purely and simply, by a diktat of the regulator of the securities market, will always remain a `box ticking' exercise," he said. As part of corporate governance ratings, it is important to monitor what the actual practices both inside and outside the boardroom are, he said.
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