Sebi forms corporate governance committee

Market regulator Securities and Exchange Board of India (Sebi) has set up a committee under the chairmanship of Kotak Mahindra Bank executive vice chairman and managing director Uday Kotak to advise on issues relating to corporate governance.

The other members of the committee are the representatives of corporate India, stock exchanges, professional bodies, investor groups, chambers of commerce, law firms, academicians and research professionals and Sebi.

 The committee shall make recommendations to Sebi on ensuring independence in spirit of independent directors and their active participation in functioning of the company, improving safeguards and disclosures pertaining to related party transaction, issues in accounting and auditing practices by listed companies, Sebi said.

The committee shall also make recommendations on improving effectiveness of board evaluation practice, addressing issues faced by investors on voting and participation in general meetings and disclosure and transparency related issues, the regulator said, adding that the committee shall endeavour to submit the report within a period of four months.