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of <h1>SEBI Mandates Stock Exchanges to Enforce Corporate Governance; Monitoring Cell and Quarterly Compliance Required Under Clause 49.</h1> The Securities and Exchange Board of India (SEBI) issued a circular mandating stock exchanges to enforce corporate governance standards. Stock exchanges must establish a monitoring cell to oversee compliance with corporate governance provisions and submit quarterly reports to SEBI. Companies in the first phase of Clause 49 of the Listing Agreement must submit compliance reports within 15 days post-quarter. Additionally, entities seeking initial public offerings must comply with corporate governance standards before listing. Stock exchanges may grant time extensions for compliance due to genuine legal issues, but non-compliant companies without valid reasons will have their application money held in escrow.
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