Sebi for overhaul of board governance at listed firms

The Securities and Exchange Board of India (Sebi) is in favour of a major overhaul of the way boards of listed firms discharge their duties, including for appointment and removal of directors, and also wants their audit committee to be empowered to identify future risks. There was also a need for “greater tolerance” and enhanced transparency in discussions and decisions taken at the board level and by various board committees of listed companies, but the regulator would prefer them to adopt best global practices in this regard voluntarily rather than being dictated to do so with a new set of stringent rules, a top official said.