Market regulator Securities and Exchange Board of India initiated on Tuesday proceedings against 20 listed companies, including five public sector entities, for violating corporate governance regulations.
The regulator has started adjudication proceedings against the companies on the basis of quarterly reports received from stock exchanges regarding compliance with Clause 49 of the Listing Agreement that deals with corporate governance, a Sebi release said.
The market regulator, however, did not reveal the identity of the 20 companies. When contacted, a Sebi spokesperson also declined to give the names of the companies.
Sebi began proceedings against the five public sector companies