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1996 |
India‘s first major corporate governance reform proposal was
launched by the Confederation of Indian Industry (CII). In 1996,
the CII formed a task force on corporate governance in order to develop
a corporate governance code for Indian companies.
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April 1998 |
Desirable Corporate Governance: A Code (CII Code) for listed
companies was proposed by the CII in April 1998
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May 1999 |
SEBI appointed the Committee on Corporate Governance (the Birla Committee chaired by Kumar Mangalam Birla) on May 7, 1999
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Feb 2000 |
Clause 49 introduced in Feb - 2000 - Implementation in phases over next 3 years
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July 2002 |
The first committee (Chandra Committee) appointed by the MCA was formed in August 2002, following the enactment of Sarbanes-Oxley in the
United States
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Late 2002 |
SEBI constituted another committee on corporate governance chaired
by Shri N.R. Narayana Murthy after the Enron Scandal in order to
evaluate the adequacy of the existing Clause 49
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2004 |
SEBI further amended Clause 49 in response to the Murthy Committee‘s
recommendations.- Implemented only in Jan 2006
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Dec 2004 |
MCA convened the Irani Committee.
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Jan 2009 |
SATYAM SCANDAL
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Aug 2009 |
Companies Bill, 2009 was introduced in Lok Sabha
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Late 2009 |
CII task force put forth corporate governance reform
recommendations.
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Late 2009 |
NASSCOM - Corporate Governance and Ethics Committee, chaired by Mr.
N. R. Narayana Murthy. Recommendation issued in mid 2010.
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Late 2009 |
The Institute of Company Secretaries of India (ICSI) has also put
forth a series of corporate governance recommendations
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Nov 2009 |
SEBI amends the Listing Agreement to address disclosure and
accounting concerns
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Dec 2009 |
MCA issues Voluntary Corporate Governance Guidelines |
