India is a land of opportunities among BRICS nations but lack of knowledge about various compliance requirements seem to be posing a challenge to the corporates here, say experts.
In recent times, stricter regulatory framework and disclosure requirements have been put in place as part of the efforts to ensure protect investor interest, increased transparency and make India a more easier place for doing business.
Describing India as a “land of opportunities”, a senior executive of global research group ‘The Conference Board’ today said efforts should be made to bring out the best practices of corporate governance here.
“The main challenge to companies in India for compliance is lack of knowledge about regulations and legislature,” The Conference Board’s Asia Pacific Executive Director Nick Sutcliffe told PTI.
Speaking on the sidelines of the launch of ‘Handbook on Corporate Governance in India’, Sutcliffe said there is significant interest among corporates to have a better understanding about good governance practices.
The book’s author, Afra Afsharipour, a professor at the University of California, said India stands out among its BRICS peers.
“With most of the BRICS nation seeming to be in an economical difficulty, it is India which stands out and presents opportunity to the world. There was a real need to uncomplicate things,” she noted.
About various changes brought in the regulations by capital markets regulator Sebi as well as those in the Companies Act, Afsharipour said more things have now been brought under the ambit of legislature in a more structured manner.
“These (the changes) are not drastic overhaul or a major change. These things were there and now it is brought under the purview of legislature in a more structure way,” she added.
The book has been launched as part of the ‘The Director’s Collective’ initiative by KPMG, Khaitan & Co, Russel Reynolds and The Conference Board.