India’s market regulator, SEBI, has created a new body with the aim of improving corporate governance in the country.

The Securities and Exchange Board of India (SEBI) said a new committee would spend the next four months compiling a report with the aim of producing recommendations across a range of governance issues.

A statement issued by the watchdog said: “SEBI has set up a committee under the chairmanship of Shri Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank to advise on issues relating to corporate governance.

“The other members of the committee are the representatives of corporate India, stock exchanges, professional bodies, investor groups, chambers of commerce, law firms, academicians and research professionals, and SEBI.”

SEBI said the new committee would look at a number of issues, including:

• Ensuring independence in spirit of independent directors and their active participation in the functioning of the company.
• Improving safeguards and disclosures pertaining to “Related Party Transactions”.
• Issues in accounting and auditing practices by listed companies.
• Improving effectiveness of board evaluation practices.
• Addressing issues faced by investors on voting and participation in general meetings.
• Disclosure and transparency-related issues.
• Any other matter that the committee deems fit pertaining to corporate governance in India.