CORPORATE GOVERNANCE THE JOURNEY OF INDIAN CORPORATE WORLD

Like many other regulations, which have been enacted to develop a control mechanism, the corporate governance rules, regulations and guidelines have come into fore to regulate, if not control, the corporate misdeeds/misdealings. Be it the boardroom fight or the CEO and CFO conievance or the management-auditor hand in glove story, each has lead to some corporate fraud or disruption. In this preocess, the biggest loser has been the investor, who ultimately bears the burnt of the mismanagement or deficit in governance of the corporate affairs. This is a global phenomena and India being a part of the global economy, also suffers from such deficits.There are many regulations in the international scenario. The most important ones are the OECD guidelines, SOX of USA, Cadbury Committee report of UK. In India SEBI has formulated many rules including the listing agreement under clause 49 based on the recommendations of different committees. Through this study an attempt has been made to understand how the framework has evolved over a period of time in India and how many of the large sized accounting frauds have taken place due to poor Corporate governance mechanism in place