Nudged
by Sebi to step up their vigil against firms lacking good corporate
governance practices, top bourses NSE and BSE have asked all listed
companies to ensure compliance in 'letter and spirit' to all relevant
norms. The latest directive by the two stock exchanges also comes
ahead of a new Corporate Governance Code to be implemented by the
capital markets watchdog for all listed companies with effect from
October 1. In a strong-worded circular last week, Sebi asked the
bourses to step up and equip their monitoring framework to identify
practices wherein certain companies were observed to have flouted
listing agreement and other corporate governance rules, including
those related to holding of AGMs (annual general meetings) of
shareholders. Taking forward Sebi's directions, the National Stock
Exchange (NSE) has said in a circular that "the companies are
advised to ensure that the principles of corporate governance are
followed in letter and spirit and comply with Sebi circular." In
a separate circular, BSE also asked the listed firms to "take
note of the (Sebi) circular and comply accordingly." The
Securities and Exchange Board of India (Sebi) had informed the stock
exchanges that there had been cases when corporate groups with
multiple listed companies have wrapped off various AGMs within time
gaps of 15 minutes without giving enough discussion time to
shareholders, numbering over a lakh. "Such a practice affects
the rights of investors to seek clarifications/hold discussions and
prima-facie appears to be prejudicial to the interest of the
investors," Sebi had said in the circular to the stock
exchanges. There have been instances when multiple listed companies
of a single corporate group held almost back to back AGMs on a single
day with very short-duration time gaps. The companies explain such
practices by saying that their various listed companies mostly have
common shareholders, while holding AGMs on single day and at single
venue saves time and cost too. As per norms, principles of corporate
governance are to be mandatorily complied with by listed companies.
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