CORPORATE GOVERNANCE UNDER THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS 2015

The importance of corporate governance in both developed and emerging economies cannot be denied. In India, the securities regulator SEBI was the first regulator of corporate governance through Clause 49 of the Listing Agreement. In late 2015, SEBI issued the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 which made comprehensive changes to the regulation of corporate governance in listed companies. It has not only given the Listing Agreement statutory status, it has made significant structural and substantive changes in corporate governance regulation. This article discusses and evaluates these changes and highlights the impact of these on corporate governance in India. It concludes that although the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 has made some laudable improvements in the Indian corporate governance landscape, recent corporate scandals have brought the regulation and its stringency into question.