Independent directors must be active: Sebi

Securities and Exchange Board of India Chairman G.N. Bajpai on Monday said independent directors on company boards ‘‘must assert t...

Securities and Exchange Board of India Chairman G.N. Bajpai on Monday said independent directors on company boards ‘‘must assert themselves.’’

If the independent directors do not get the required information from the management, they must take up the issue at the board level, he said. The role of independent directors has assumed significance recently with these directors turning a blind eye — and even working hand-in-glove with promoters — to the mismanagement in companies.

Speaking at a conference, Bajpai said the corporate governance rating of a company depended on how involved the independent directors are in the board. Bajpai said a company with a good corporate governance rating commands a premium in the market.

Later, N. Vittal, former chief vigilance commissioner, said, ‘‘Scams have helped to clean up the systems, leading India to rank among top five countries in good corporate governance. If corporate governance is in place, market risk and market integrity is taken care of.’’

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