India

Bruno Teixeira, Ana Flavia Albuquerque Ventura (), Arti Chandani (), Mohit Pathak () and Prashant Ubarhande ()
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Bruno Teixeira: University of Vale do Taquari, Univates
Ana Flavia Albuquerque Ventura: Federal University of Rio Grande do Sul
Arti Chandani: Jaipuria Institute of Management, Lucknow
Mohit Pathak: International Management Institute – Kolkata
Prashant Ubarhande: Symbiosis Skills and Professional University

Chapter Chapter 9 in Corporate Governance in Capital Markets, 2025, pp 213-236 from Springer

Abstract: Abstract Corporate governance in India has made progress, especially in ex-ante practices. However, it still faces challenges in protecting minority shareholders and enforcing laws through judicial channels, making ex-post mechanisms fragile. These weaknesses may have their roots in the institutional environment formed during the British colonization and License Raj period. Regulatory reforms such as the Companies Act, 2013, and Clause 49 of SEBI’s Listing Agreement, 2014, have required greater inclusion of independent directors and women on boards and the creation of audit, nomination, and remuneration committees. However, the presence of women has been used to strengthen the power of the founders’ families, and the CEO and chairman of the board are still allowed to hold multiple positions. A relevant point is the Confederation of Indian Industry’s (CII) corporate governance manual, which covers environmental, social, and governance (ESG) aspects. Although its adoption is voluntary, it may indicate future directions for capital market regulations. This chapter highlights SEBI’s role in supervising the NSE and BSE to protect investors. It also suggests future research on corporate governance in India, including reviews of publications in other languages, and encourages the development of new empirical studies on the topic.

Date: 2025
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DOI: 10.1007/978-3-031-94751-3_9

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