ET Now Market Summit 2026: Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Friday said the regulator is reviewing key corporate governance frameworks, including listing regulations and delisting norms, while emphasising a larger role for independent directors in helping companies navigate emerging challenges such as artificial intelligence, cybersecurity and rapid technological change.
“The LODR framework is currently under review to make it more responsive to emerging governance and disclosure requirements,” Pandey said.
The SEBI chief also indicated that the regulator will further review the delisting framework as part of efforts to improve market efficiency and investor confidence.
“A well-developed capital market must provide fair entry and fair exit,” he said.
Pandey underlined the critical role played by independent directors in strengthening corporate governance standards and protecting investor interests.
“Their role is not limited to asking difficult questions of governance. They must contribute in board discussions on how best to address emerging challenges such as AI, cybersecurity, ESG, R&D and rapid technological change,” he said.
According to the SEBI Chairman, independent directors must also play a central role in protecting minority shareholders and supporting long-term value creation.
Recognising the growing responsibilities of board members, SEBI plans to work with stakeholders to build a robust and scalable capacity-building framework for independent directors.
“We will work with all stakeholders to build a robust, scalable network for capacity building of independent directors,” Pandey said.
Beyond corporate governance, the regulator is also reviewing regulations related to municipal debt markets and portfolio management services to address practical challenges faced by market participants and ensure the frameworks continue to support market development.
Pandey said SEBI’s broader objective remains reducing market frictions while maintaining high standards of governance, transparency and investor protection.
“Clearer processes move capital faster. Sharper disclosures reduce uncertainty. Easier access improves confidence,” he said.
