Sebi moots corporate governance norms overhaul for listed companies, wants checks on CEO pay, hefty penalties
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However, delisting or suspension is generally not considered an investor friendly action and therefore, cannot be resorted to as a matter of routine and can be used only in cases of extreme/repetitive non-compliance.
"Prosecution, on the other hand, is a costly and time-consuming process," Sebi said, while proposing measures like companies being asked to get Corporate Governance rating, inspection of compliance by stock exchanges, Sebi or any other agency.
It has also proposed imposing penalties on the company, its directors, compliance officer and key managerial persons for non-compliance "either in spirit or letter", and sought to convert the provisions of Listing Agreement into regulations for better enforcement.
Comments on the paper have been invited till January 31.
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