SEBI approves many Kotak recommendations on corporate governance

Mumbai, March 28 : Securities market regulator SEBI on Wednesday approved most of the measures suggested by the Kotak Committee for enhancing corporate governance, along with steps to strengthen algorithmic trading and encourage participation through the MF route.

According to SEBI Chairman Ajay Tyagi, the regulator’s board has approved many recommendations of the Kotak panel.

Tyagi said the recommendations accepted without modification included “reduction in maximum number of listed entity directorships from ten to eight, expanding the eligibility criteria for independent directors and mandatory disclosure of consolidated quarterly results with effect from 2019-20.”

“Recommendations which have been referred to other agencies are strenghtening the role of ICAI, internal financial controls, adoption of index and governance aspects of public sector undertaking,” Tyagi said after the SEBI’s Board meeting here.

The regulator had constituted the Kotak Committee in June 2017 to make recommendations for improving the standards of corporate governance of listed entities in India.

/IANS

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