THE ROLE OF SEBI IN STRENGTHENING CORPORATE GOVERNANCE IN INDIA: A CRITICAL ANALYSIS

The Securities and Exchange Board of India (SEBI) serves as the cornerstone of India's securities market regulation, playing a pivotal role in shaping corporate governance practices among listed companies. Established in 1988 and granted statutory powers in 1992, SEBI has introduced numerous reforms to enhance transparency, accountability, and investor protection. This research article critically analyzes SEBI’s contributions to strengthening corporate governance, focusing on its regulatory interventions, their impact on corporate practices, and persistent challenges. Utilizing secondary data, including regulatory documents, corporate reports, and empirical studies, the study employs data tables and graphs to illustrate trends and outcomes. While SEBI’s initiatives, such as Clause 49 of the Listing Agreement and the Business Responsibility and Sustainability Report (BRSR), have bolstered governance standards, issues like enforcement gaps, insider trading, and market manipulation persist. The article concludes with recommendations to enhance SEBI’s regulatory efficacy.