Corporate Governance and Disclosure Practices in Emerging Economies-A case of India

Though India has been moving at snail's pace, establishing corporate governance principles over the last two decades, 2012 was a sparkling positive year for progression in the Indian corporate governance arena. The Companies Bill 2012, passed by Lok Sabha (the lower house) on 18 December 2012, includes a number of new provisions aimed at improving the governance of public companies. Interestingly, despite the structure of Indian businesses differing significantly from those in the UK, the foundations of the new Indian corporate governance model are drawn from the Anglo-Saxon governance model. The question therefore arises as to whether it is appropriate for a closed market to base its corporate governance model on practices developed for and in a market fundamentally different from its own. This study is an attempt to thoroughly examine the recent developments in corporate governance and its disclosure practices in India.