Mumbai: Markets regulator Sebi on Friday said it would soon come out with new corporate governance norms.
"We have already placed documents for consultation. Our consultation is almost over and we are now going to promulgate our rules very soon," Sebi Chairman U K Sinha told reporters at a corporate governance summit organised by CII here.
"For listed companies, we will like to tell you, if we are going to do something over and above what is specially mentioned in the Companies Act, in the interest of corporate governance of the large corporates, it would be after consideration with all of you (stakeholders)," he added.
As several companies have operations outside India and many more would be venturing in foreign territories, there is a need to align rules with the best in the world, Sinha said.
"We don't only have the problems of foreign guidelines and standards, we also have to deal with extra-territoriality of foreign laws...We have to cope with them," he said.
The SEBI chief pointed out that of the listed companies, more than 1,100 are non-compliant of clause 40A of the Listing Agreement and over 900 firms don't follow clause 49.
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