6/29/2017 SEBIsInitiativesBusinessEthicsandCorporateGovernance,SecondEdition

Business Ethics and Corporate Governance, Second Edition

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The Confederation of Indian Industrys Initiative Kumar Mangalam Birla Committee, 1999

SEBIS INITIATIVES

TheSecuritiesandExchangeBoardofIndiaappointedacommitteeon
corporategovernanceon7May1999,with18membersunderthe
chairmanshipofKumarMangalamBirlawithaviewtopromotingand
raisingthestandardsofcorporategovernance.Thecommitteestermsof
referencewere:(i)tosuggestsuitableamendmentstothelisting
agreement(LA)executedbythestockexchangeswiththecompaniesand
anyothermeasurestoimprovethestandardsofcorporategovernancein
thelistedcompaniesinareassuchascontinuousdisclosureofmaterial
information,bothfinancialandnonfinancial,mannerandfrequencyof
suchdisclosures,responsibilitiesofindependentandoutsidedirectors
(ii)todraftacodeofcorporatebestpracticesand(iii)tosuggest
safeguardstobeinstitutedwithinthecompaniestodealwithinsider
informationandinsidertrading.

ThecommitteesubmitteditsfamousandoftquotedreporttoSEBIin
8
March2000afterseveralsittingsofdebatesanddeliberations. The

KumarMangalamBirlaCommitteesReportisindeedaveritable
landmarkintheevolutionofcorporategovernanceinIndia.

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