Corporate Governance

The legal framework relating to corporate governance is broadly covered in the Indian Companies Act, 2013 and the regulations/ directives that are issued by the Securities and Exchange Board of India, the securities market regulator in India. The Companies Act is administered by the Ministry of Corporate Affairs and the provisions of the Companies Act are enforced by the Company Law Tribunal /National Company Law Tribunal. Regulators such as the Reserve Bank of India (RBI) and sectoral regulators such as the Insurance Regulatory Development Authority(IRDA), Telecom Regulatory Authority of India (TRAI) etc. also prescribe corporate governance guidelines applicable for banking, insurance and telecom companies, respectively.

The objective of promoting corporate governance isto improve corporate performance and accountability as a means of attracting financial and human resources on the best possible terms and of preventing corporate failure