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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Sebi's recent directive on 'minimum info' has inconsistencies, laughable: Damodaran
markets regulator Sebi's recent directive on minimum information has many inconsistencies and is «laughable», former Sebi chairman M Damodaran said on Wednesday. Addressing an event organized by the Institute of Internal Auditors here, Damodaran said we will not be able to see good governance at companies if there are prescriptive arrangements, and advocated that such practices come from within.
He quipped that the February 14 directive on industry standards on minimum information to be provided for review by the audit committee and shareholders for approval of a related party transaction is a «very elaborate» document.
«Even the tabular statement is several pages long. It has so many things that if you take them seriously, you will have a problem. So it's better to read them, laugh at them and go on with life,» the IAS officer-turned-regulator said.
«There are inconsistencies within that document. There are inconsistencies that that document has with other prescriptions from the same regulator,» he opined.
Damodaran said the state-run companies also need to improve on adopting good governance, and added that the promoter's standing should not prevent them from doing what is good.
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21.05 / 09:47
markets
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