Corporate governance - Do we require new rules?

In most family businesses, power is tilted towards controlling shareholder or management. So, the board is ineffective. This can't change soon

The Indian Corporate Governance Code is incorporated in the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Companies Act of 2013, which came into force from April 1, 2014, stipulates many provisions aimed at improving corporate governance. A 21-member panel, set up by the Securities and Exchange Board of India (Sebi) to suggest measures for improving corporate governance of listed companies, under the chairmanship of Uday Kotak, vice-chairman and managing director of Kotak Mahindra Bank, submitted its report on Thursday. The committee looked into issues related to functioning of independent directors (IDs), related-party transactions, accounting and auditing