Mumbai, June 2

Securities markets regulator SEBI on Friday said that it has set up a committee under the Chairmanship of Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank, to advise it on issues relating to corporate governance.

"The other members of the committee are the representatives of corporate India, stock exchanges, professional bodies, investor groups, chambers of commerce, law firms, academicians and research professionals and SEBI," the regulator said in a statement.

According to SEBI, the committee shall recommend steps to improve the standards of corporate governance of listed companies in India.

SEBI elaborated that it will seek advice from the committee on a number issues including ways to "ensuring independence in spirit of independent directors and their active participation in functioning of the company".

"Improving safeguards and disclosures pertaining to related party transactions; issues in accounting and auditing practices by listed companies."
SEBI pointed out that the committee will also look at ways to improve effectiveness of board evaluation practices among others.

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