Stock advisory Company, Sebi panel led by Uday Kotak proposes corporate governance reforms

A Securities and Exchange Board of India (Sebi)-appointed panel has proposed more powers for independent directors, limiting chairmanship to non-executive directors, and called for a greater focus on transparency and disclosures to improve corporate governance.

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The panel submitted its report on Thursday. The capital markets regulator will take a call on implementation, and has invited public comments till 4 November. The recommendations span areas such as the composition of the board, the make-up of board committees, treatment of subsidiaries, information sharing with promoters and related-party transactions, audit evaluations, and conduct of annual general meetings.

For instance, the panel recommended that a listed company should have at least six directors on its board. Current Sebi regulations do not mandate a minimum number. The panel has suggested at least one independent director be a woman.