Companies adviced to strike balance between strick

Mumbai, Nov 10 (UNI) Securities and Exchange Board of India (SEBI) chairman M Damodaran, today urged the companies to strike a balance between strict and self regulations.

''As a regulator my job is to act as a facilitator and frame those regulations for the market that are simple and easily understandable'', Mr Damodaran told an international conference on Corporate Governance (CG) organised jointly by International Cogovernance Network (ICGN) and Asian Centre for Corporate Governance (ACCG) here.

''However, if the companies go for self regulation, then my job becomes easier'', he said.

Speaking on the CG compliance for Indian companies, Mr Damodaran said ''The country needs a group of CGs for all the emerging markets''.

''I would like a message to go that CG compliance is a good thing for the growth of a company'', he said.

According to Global CG Forum head Philip Armstrong, ICGN, comprising some of the big pension fund companies of the USA, UK and Singapore, is spending funds of 10 trillion Dollars on the subject.

Talking about the benefits of the CG, Mahindra&Young Knowledge Foundation chairman M K Chouhan said ''Certainty was more important than the certainty of severity''.

Bombay Stock Exchange director Rajnikant Patel said that CG was a must for any company, whether listed or non-listed, to ensure its growth compliance.

The conference theme was co-hosted by Bombay Stock exchange (BSE) and endorsed by SEBI. The summit was endorsed by The Global Corporate Governance Forum (GCGF), a multi-trust fund co-founded by the World Bank and Organisation for Economic Co-operation and Development (OECD).

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