OrientLongmanEconomicsCorporateGovernanceandtheIndianPrivateSectorJairusBanajiandGautamModyCorporateGovernanceandtheIndianPrivateSectoristhefirstextensivestudyofcorporategovernanceissuesintheIndianmarketintheperiodcoincidingwiththereleaseoftheSEBIguidelinesearlyin2000.ConductedbytwovisitingfellowsoftheUniversityofOxfordoveraperiodoftwoandahalfyears(1998–2000),thestudyexaminestheissueofcorporategovernanceinthecontextoflargeprivatesectorcompaniesinIndia,againstachangingregulatorybackgroundandmountingpublicconcern.Basedonover170interviewswithaverywiderangeofbusinessrepresentativesincludingCEOs,non-executives,fundmanagersandauditfirms,thestudyhighlights�theineffectivenessofboardsinIndiancompanies�thelackoftransparencysurroundingtransactionswithinbusinessgroups�thedivergenceofIndianaccountingpracticesfrominternationalstandards,and�thechangingroleof,andcontroversysurrounding,institutionalshareholders.Thestudyconsistsoftworeports:�Thefirstreportdealswiththeresultsofinterviewsonthemainissuesinquestion(boards,accountinganddisclo-surestandards,institutionalinvestors).�ThesecondreportexaminesthefragmentednatureofcorporateregulationinIndiaandtheneedforconsistencyatthislevel.Theauthorsrecommendthat�regulatoryinterventionneedsamuchstrongerdefinitionof'independence'fordirectors,inlinewithbestpracticedefinitionsnowadoptedintheUSandUK,aswellasthemandatoryintroductionofnominationcommittees,�financialinstitutionsneednotrelyprimarilyontheirownresourcesinthejobofmonitoringmanagements;amoreactiveapproachtocorporategovernanceonthepartoftheseshareholdersrequireslargerchangesinthenatureoftheFIs'ownershipandcontrolbygovernment,greaterautonomyforinstitutionalmanagers,andtheactivedevelopmentofamarketforcorporatecontrol.Giventheimmensetopicalityandsignificanceoftheissue,CGIPSwillbeofconsiderableinterestandrelevancetocorporates,fundmanagers,institutionalinvestors,academics,auditorsandmanagementconsultancies,aswellasthestockexchangesandtheregulatoryauthorities.JairusBanajiisVisitingFellowatQueenElizabethHouse,UniversityofOxford,andResearchConsultantontheirCorporateGovernanceProject.Hehasbeeninvolvedinalong-termstudyoftheIndianbusinessresponsetoliberalisation,withparticularreferencetoissuesofgovernanceandcontrol,andiscurrentlylookingatthetakeoverregulations.DrBanajiisfluentinseverallanguagesandhaspublishedextensively,bothabroadandinIndia.GautamModyisaneconomisttrainedatOxfordandVisitingFellowatQueenElizabethHouse,OxfordUniversity.HeworksfortheCentreforWorkers'Management,NewDelhi,wherehehasbeenengagedinissuesofindustrialrestructuringandinstitutionalfinance.PublishedbyDistributedbyQueenElizabethHouseOrientLongmanLimitedUniversityofOxford,U.K.MumbaiORDERFORMTITLEPRICECOPY(IES)Banaji&Mody:CorporateGovernanceandtheIndianPrivateSectorRs450.00US$19.00UK£10.00_________NameAddressPin/ZipE-mailqDemandDraft/ChequeinfavourofOrientLongmanLtd.payableatMumbai,IndiaForoutstationcheques(Indiaonly),pleaseaddRs.15.00towardsbankcharges.ReportI:CorporateGovernanceandtheIndianPrivateSectorContentsIntroductionCodesofCorporateGovernanceBoards:TheLackofIndependentDirectorsDisclosureandAccountingIssuesInstitutionalInvestorsSummaryandRecommendationsReportII:GovernanceofthePrivateSector:RegulatoryIssuesContentsCompanyBoardsandControlandOwnershipintheIndianPrivateSectorACommentaryonSomeAspectsoftheSEBIRecommendationsIssuesofCorporateLawDevelopmentFinancialInstitutionsRecommendationsOLBN0001061666PB273mmX208mmRs450.00/US$19/UK£10.00�MailtoOrientLongmanLimitedKamaniMarg,BallardEstate,Mumbai400001Tel:+910222616918,2616919Fax:+910222691278;E-mail:longmans@bom7.vsnl.net.inSpecial10%discountonordersfor6copiesandabovePostageFree
