Many corporates lack listing governance norms, says NSE

Many corporates lack meeting corporate listing governance norms, a senior NSE official said on Saturday.

"Twenty five PSUs do not have appropriate composition of the Board of Directors. Qualified independent audit committee is not there in nine PSUs and it is the same in six of the top 500 private companies on the bourse," the NSE official, who did not wish to be named, said here.

He said an independent audit of a company's accounts is crucial and all companies should have adopted it.

"Further, of the top 500 companies listed on bourse, 15 companies do not have an appropriate Board (of Directors) which is a fundamental corporate governance requirement," the official said.

Some 25 state-owned companies and 74 of top 500 companies listed on NSE are yet to comply on women director norms.

"We have sent notices to the companies," the official said. NSE has collected Rs 14.3 crore during 2014-15 as non-compliance fines from 225 active companies.