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Corporate governance in India: Moving gradually from a regulatory model to a market-driven model — A survey

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Abstract

The economic crises of 1991 forced India to reassess its protectionist, closed economy system. Globalisation was the imminent choice. The opening up and integration of the Indian economy with the rest of the world brought a dramatic change in its business environment and governance standards. The Indian stock markets matured and we have witnessed a tremendous interest among international investors in entering this emerging market. This paper traces the history of corporate governance in India and discusses key unresolved issues against the backdrop of sweeping reforms in the stock market structure, systems and regulation.

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References

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Acknowledgements

We acknowledge the support given to us by the Research Centres of Prin. L.N. Welingkar Institute, Dun & Bradstreet and Corporate Database. Dr (Prof) Udav Salunkhe, Director, Prin L.N. Welingkar Institute of Management Development Research. Dr Manoj Vaish, CEO of Dun & Bradstreet, and Dhanesh Shah, of Corporate Database, were helpful sounding boards for the study during its initial stages.

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Authors and Affiliations

  1. 7/14 Borla Co-operative Housing Society, CP Gidwani Road, Chembur, Mumbai, 400 074, India

    Amitha Sehgal

Authors
  1. Amitha Sehgal
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  2. J Mulraj
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Correspondence to Amitha Sehgal.

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1Senior Professor of Business at R. A. Podar College, University of Mumbai (Bombay), is lead trainer of the Corporate Governance and Ethics Program for Directors, Dun & Bradstreet. In the past she has also been associated with Prin. L. N. Welingkar Institute of Management Development and Research, University of Mumbai (Bombay) as Associate Dean - Finance. At present she is a visiting professor and doctoral scholar at the Welingkar Institute.

Appendix

Appendix

See Tables A1, A2 and A3

Table a2 Comparison of top market capitalization companies since economic liberalization
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Table a3 A comparative study of board practices of select Indian companies
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Sehgal, A., Mulraj, J. Corporate governance in India: Moving gradually from a regulatory model to a market-driven model — A survey. Int J Discl Gov 5, 205–235 (2008). https://doi.org/10.1057/jdg.2008.9

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  • DOI: https://doi.org/10.1057/jdg.2008.9

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