Unperturbed by the industry’s intense lobbying, markets regulator Sebi has said listed companies must follow higher corporate governance standards and there will be no dilution to the new norms kicking in from next month.
At the same time, the regulator’s doors are open if firms want to discuss any apprehensions they might have and those can be resolved to help them adapt to the new regulations, Sebi chairman UK Sinha said. He made it clear that there can be no compromise on safeguarding the interest of investors, adding this was of paramount importance in the new corporate governance norms coming to effect from October 1.
The new regulations give more powers to minority shareholders on various issues such as related party transactions, appointment of directors and CEO salaries, while listed companies would also have to mandatorily appoint a woman director and put in place whistleblower mechanism.
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