India: the shape of governance reforms?

The chairman of the Securities and Exchange Board of India (SEBI), Mr C B Bhave, has given a good indication of the likely shape of governance reforms in India following Satyam. His comments were made at a governance summit held in Mumbai earlier this month. In a press release published by the Confederation of Indian Industry, one of the organisers of the summit, it is reported:

Speaking on the issues raised by the ongoing Satyam case which required an open public debate, Mr Bhave highlighted that desirability of rotational auditors; need for an external agency to conduct internal audit in a listed company; role of non promoter shareholders especially the institutional shareholders forming part of non promoter shareholders and maintaining an appropriate balance between required and necessary legislative intervention are being actively considered by SEBI".