MUMBAI, FEBRUARY 19: The Securities and Exchange Board of India (SEBI) is scheduled to issue on Monday corporate governance guidelines which would be mandatory conditions for listing, SEBI chairman DR Mehta said on Saturday.``The main focus of future reforms would be on the unfinished agenda, including thrust to venture funds and laying broad framework for corporate governance,'' Mehta said here following his re-appointment for a further two year term as SEBI chief. Mehta's re-appointment comes into force from February 21. As part of corporate governance initiatives, accounting policy in India needs to be upgraded to international levels to increase transparency and accountability of corporates, he said.Particularly, provisions relating to inter-party transactions within a group and deferred payment laibility would be defined clearely, he said, adding SEBI has already held discussion on these issues with the Institute of Chartered Accountants of India (ICAI).``The focus would also be on initiatives such as expansion of Internet-based trading, broadbasing the list of scrips under rolling settlement, introduction of derivatives and giving further boost to debt market during the next two years,'' Mehta added.Curbing insider trading was still among the top priorities of the SEBI and this was another important provision under the corporate governance norms intended to ensure fairplay in the capital market, Mehta said.SEBI was proud to have taken initiatives for development of venture capital funds in the country, though no finanacial sector committee - including Narasimham Committee - felt the need for such funds for Indian entrepreneurs, and no economist had discussed it, he said.``This initiative would be taken further,'' he said and hoped that it would result in exploring the inherent telent of Indian entrepreneurs.One of the major initiatives of the SEBI in the past was the takeover code, which has enabled over 600 companies to restructure their operations with ease, Mehta said adding in the absence of the same, they would have had to go in for court approvals like it was necessary for mergers.
