Global market regulators are keen to have a close look at a model for assessing corporate governance, developed for the first time by Securities and Exchange Board of India.
The International Organisation of Securities and Exchange Commission has requested Sebi to present its new model at its next Asia-Pacific meeting in Colombo this week, Sebi chairman G N Bajpai told PTI in New Delhi.
At Sebi's request, rating agency Crisil will give a presentation of its model to assess creation, management and sharing of wealth by corporates for the first time at IOSCO's meeting.
"Corporate governance is one of the contemporary issues with IOSCO. It has asked us to give a presentation on the issue at the Colombo meeting. We have asked Crisil, which have developed the model to assess wealth creation, wealth management and wealth sharing, to accompany us and give the presentation," Bajpai said.
Crisil chief Ravi Mohan will give the presentation in Colombo about the model, which is now being used to rate the success of corporate governance in India.
Crisil has developed a rating mechanism whereby the extent of wealth creation, management and sharing could be assessed on a scale of eight points.
HDFC, HDFC Bank and Hero Honda are set to get category one rating while Dabur is slated to get category two.
The efforts to develop a sound governance model come in the wake of a series of corporate frauds and failures that have severely affected major markets.
