Capital market regulator SEBI is exploring the creation of a capacity-building network involving institutions, professional bodies, academia and industry chambers to strengthen the skills and effectiveness of independent directors amid expanding corporate governance responsibilities.
SEBI Chairman Tuhin Kanta Pandey at a session of the Bharat Chamber of Commerce here on Saturday said the proposed network would facilitate greater interaction among stakeholders and help improve the overall standard of independent directors.
The initiative comes against the backdrop of growing expectations from independent directors, whose responsibilities are increasingly extending beyond regulatory compliance to safeguarding shareholder interests and strengthening business performance.
"We have an idea to develop a capacity-building network for independent directors where all the important institutions, professional bodies, academia and industry chambers come together to upgrade the capacity building of the independent directors system as a whole," Pandey said.
Emphasising the need to strike a balance between accountability and operational independence, he said SEBI was conscious that regulatory oversight should be proportionate and should not impose an excessive burden on independent directors.