Press Releases

IFC Global Corporate Governance Forum Partners with SEBI and NISM to Promote Awareness of Governance Reform in India

In New Delhi:    
Minakshi Seth
Phone. +91 11 4111 1000

Mumbai, February 22, 2008—In consultation with the Securities Exchange Board of India and the National Institute for Securities Markets, the IFC Global Corporate Governance Forum has designed a program to address key elements of corporate governance reform, capacity building, and enhance awareness in India.

As part of this collaboration, a business investor dialogue is being organized to facilitate discussions between the private sector, domestic and international investors, and the Securities Exchange Board and to shed light on that state of governance in Indian companies. Issues to be explored include the effectiveness of various governance structures, the role of the board, disclosure, and enforcement.

The event will give participants an opportunity to make recommendations for improving corporate governance among enterprises.  Discussions around research on the state of corporate governance in India’s listed companies will be conducted by Professor Vic Khanna of the University of Michigan, Professor Bernard Black of the University of Texas, and Professor N. Balasubramanian of the Indian Institute of Management in Bangalore.

The ongoing research includes surveys of 500 publicly traded companies, representing various sectors in the country's six largest cities. This research is supplemented by publicly available information.  The data analysis seeks to identify the connections between various aspects of governance, company performance, and profitability.  

The event aims to identify challenges facing companies, offer possible measures for improvement, and provide an opportunity for local and international business leaders and investors to share views and experiences on the investment climate in India. It also aims to generate discussions and obtain policy recommendations from an assembly of local business representatives and investors.

Participants expected include investors and senior business leaders from Barclays, Bombay Stock Exchange, Crisil, National Stock Exchange, Fortis, Kotak, KPMG, Tata Motors, and Wipro.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit

About Global Corporate Governance Forum
The IFC Global Corporate Governance Forum is an IFC multi-donor trust fund facility.  It was co-founded by the World Bank and the OECD in 1999.  Through its activities, the forum aims to promote the private sector as an engine of growth, reduce the vulnerability of developing and transition economies to financial crisis, and provide incentives for corporations to invest and perform efficiently in a socially responsible manner.  It sponsors regional and local initiatives that address the corporate governance weaknesses of middle- and low-income countries in the context of broader national or regional economic reform programs.  Its donors include IFC and the governments of Canada, France, Luxembourg, the Netherlands, Norway, Sweden, and Switzerland.  For more information, visit