Corporate Governance and Professional Accountability: Expanding the Scope of ICSI in India's Governance Ecosystem

Context: Corporate Governance as a Core Pillar of National Development

Good corporate governance is central to India's overall economic and institutional development. In an interaction with a delegation from the Institute of Company Secretaries of India (ICSI), Union Minister Dr. Jitendra Singh highlighted that professionals in the corporate sector play a crucial role in promoting responsible governance, ethical practices, and institutional accountability. The delegation formally invited the Minister to the presentation ceremony of the 26th ICSI National Awards for Excellence in Corporate Governance.

Statutory and Regulatory Framework: Corporate Governance & Disclosure Architecture

Corporate governance in India is grounded in a statutory and regulatory framework designed to ensure transparency, accountability, and investor protection. Key among these are the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), which consolidated listing agreement provisions across capital market segments. The framework aligns regulatory obligations with the Companies Act, 2013, incorporating international corporate governance principles such as the OECD guidelines.

Under Chapter III of the Listing Regulations, listed entities are subject to common obligations, including the mandatory appointment of a compliance officer, electronic filings, and mandatory registration on SEBI's SCORES portal. By aligning provisions—such as shareholder voting requirements on material related party transactions—with the Companies Act, 2013, the statutory framework establishes a rigorous foundation for secretarial compliance and corporate transparency.