Abstract-10 1988 the Serurities and Exchange Board of India (SEBI) was established by the Covernment of India through an executive resolution und 1:'(s subsequently upgraded as a fully autonomous body (Statutory Board) in the year 1992 with the passing of the Securities and Exchange Board of India Act (SEBI Act) on 30th January 1992 in place of Government Control, astututur) vil utonomous regulatory board with defined responsibilities, to cover both development and regulation of the market and independent powers have been set up. The basic objectives on the Board were identified as: ' • To protect the interest of investors in securities. • To promote the development of Securities Market. • To regulate the securities market. For matter's connected there with or incidental thereto. SEBI formed a Committee on Disclosures and Accounting Standards in late 2006 to advise on disclosure requirements for listed companies and to facilitate the inplementation of ICAI accounting standards as they relate to the capital markets A code of corporate governance is being developed for public-sector enterprises (both listed and unlisted).India did not begin to liberalise ils l'CONOM' until the early 1990s and then only gradually, allowing it to escape the worst of the 1997-98 Asian financial crisis India is the only country in the region where industry, rather than government, provided the initial impetus for corporate governance reform. Driven by a desire to make Indian business more competitive and respected on the world stage, the Confederation of Indian Industries (CII) published a voluntary Code of Corporate Governance in 1998 The Securities and Exchange Board of India (SEBI) followed by setting up the Kumar Mangalai Birla Committee on Corporate Governance, whose recommendations in December 1999 forined the basis for Clause 49 of the Listing Agreement Issues in Corpordite Governance and the Role of SEBI