BSE to tone up governance

Following its conversion into a corporate body, the Bombay Stock Exchange on Wednesday said it will strengthen its governance standards and practices and expected listed entities to diligently follow governance norms.

The governance, including disclosures, would be strengthened and taken to the higher level of standards, BSE chief executive Rajnikant Patel said addressing a corporate governance seminar organised by Confederation of Indian Industry in Mumbai.

BSE, which was association of persons, was converted into 'for profit and professionally managed' body on August 19.

Emphasizing on governance in substance than just a form, the BSE chief said adherence to CG should be part of value system of corporates.

BSE, which has the status of a self-regulatory body, expects the companies listed on the exchange to follow the CG norms for the benefit of stakeholders, he said.

Asked about the reconstitution of the BSE board, Patel said currently governing council of erstwhile avatar is working as board of corporatised exchange and Securities and Exchange Board of India would communicate as to when revamping should be carried out.