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of <h1>SEBI Updates Clause 49 for Stronger Corporate Governance in Listed Companies; Compliance Due by March 31, 2004.</h1> The Securities and Exchange Board of India (SEBI) issued a circular revising Clause 49 of the Listing Agreement to enhance corporate governance standards in listed companies. The revised clause applies to companies with a paid-up capital of Rs. 3 crores or a net worth of Rs. 25 crores or more, effective by March 31, 2004. It mandates quarterly compliance reports and requires companies to establish governance structures like audit committees before listing. Stock exchanges must ensure compliance and report to SEBI quarterly. The revised clause aligns with amendments to the Companies Act 1956 and excludes mutual fund schemes.
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