Published Paper Details:

The topic has always been important to finance and economics, even though high-profile corporate governance scandals in wealthy nations have recently drawn public attention to it. Given its importance to financial and economic development, the issue is especially significant for emerging nations. Recent studies have shown that a nation's ability to safeguard investors, both legally and practically, is a major factor in financial success. India possesses some of the greatest corporate governance regulations due to the English legal system's legacy; yet, the pre-reform era's socialistic policies and inadequate implementation have negatively impacted corporate governance. The Indian business environment is characterized by concentrated share ownership, pyramiding, and tunneling of cash among group companies. Due to the GOI-nominated directors' inability or unwillingness to fulfill their oversight responsibilities, boards of directors have frequently been passive participants. However, after liberalization, significant attempts have been made to reform the system, as evidenced by the implementation of the corporate governance-related Clause 49 of Listing Agreements by SEBI. A shift towards more market-based governance is also occurring in the corporate governance of Indian banks.