Clause 49 of the Listing Agreement of SEBI does not mandate CEO non-duality and solely independent audit committees. But governance advocates and regulators favor these aspects. To put it differently, investors accord premium valuations for adopting good governance practices. This paper examines...

Worldwide, the presence of independent directors on the board of listed companies is seen as an integral element of a company's corporate governance process and has become a pre requisite for good governance. Consequently, in the recent years, governance reforms in India have increasingly pinned...