Sebi chief calls for high standards of governance
The Times of India , Sep 12, 2018
Sebi chairman Ajay Tyagi on Tuesday said that as the Indian market grows, there will be a greater need for good governance to keep the faith and trust of investors. “Continued investor confidence is a crucial factor in attracting more investors to the securities market. Right governance framework and a transparent and clean market go a long way in meeting these expectations,” Tyagi said. “Sebi will continue to focus on further enhancing the overall governance standards in the market, be it for issuers, intermediaries or market infrastructure providers.”
The Sebi chief said several recommendations of the Uday Kotak Committee have been implemented, which include an enhanced role of the nomination & remuneration committee, separation of roles of the chairman and CEO, enhanced focus on independent directors, etc. “It is believed that these measures would further strengthen governance, leading to increased investor confidence,” he said. Tyagi was speaking at industry trade body FICCI’s annual Capital Market Conference in the city.
Tyagi also touched upon data security and cyber threats relating to business and financial services. He pointed out that a recent report by consultancy major KPMG listed cyber security and data privacy as first of the 10 global regulatory challenges. “Cyber security is clearly an area Sebi is actively involved in. A high-powered steering committee on cyber security, comprising experts, is providing overall guidance to Sebi in developing and maintaining cyber-security and cyber-resilience requirements, aligned with global best practices and industry standards,” he said.
As the market grows, we need greater governance norms to keep the faith and trust of investors: SEBI Chairman Ajay Tyagi