Recommendations of the Narayana Murthy Committee on the Revised Clause 49 - Corporate Governance - Press Release

Press Release
Securities and Exchange Board of India
Dec 15, 2003
Press Releases


December 15, 2003
PR No.303/2003





SEBI had constituted a Committee on Corporate Governance under the Chairmanship of Shri N. R. Narayana Murthy. Based on the recommendations of the Committee and public comments received, certain amendments were made in Clause 49 of the Listing Agreement, vide circular dated August 26, 2003. 

SEBI convened another meeting of the Narayana Murthy committee on Corporate Governance on November 17, 2003 for deliberating the suggestions and representations received after the issuance of the aforesaid circular.  

The committee has since submitted its report to SEBI. The report proposes certain amendments to the revised clause 49 that was issued vide SEBI’s circular dated 26th August 2003. The report has been put for public comments on SEBI’s website ( under the heading "Recommendations of the Narayana Murthy Committee on the Revised Clause 49 - Corporate Governance" in the sub-section "Reports for Public Comments" in section "Reports/Documents" for a period of 14 days i.e. from 15/12/2003 to 28/12/2003. 

Comments/suggestions on the same may be sent to Ms Neelam Bhardwaj, Deputy General Manager, Division of issues and listing, SEBI or to Mr Pradeep Ramakrishnan, SEBI or emailed to / or faxed to 91-22-22045633 on or before December 28, 2003. 

Since the Revised Clause 49 of the Listing Agreement is being revisited by SEBI, implementation of the same is deferred till further notice from SEBI.