UPSC Mains 2015 GS2 Q14 — Corporate Governance
In the light of the Satyam Scandal (2009), discuss the changes brought in corporate governance to ensure transparency, accountability. (Answer in 200 words)
Question Decoded — examiner's intent
- Directive verbs
- discuss
- Scope keywords
- Satyam Scandal (2009)changes brought in corporate governanceensure transparencyaccountability
- Implicit sub-parts
- Brief context of the Satyam failure (The 'What' and 'How' of the governance lapse).
- Specific legislative and regulatory shifts post-2009 (Companies Act 2013, SEBI norms).
- Structural changes in auditing and independent oversight (NFRA, role of independent directors).
- Critical evaluation of whether these changes have effectively prevented subsequent scams like IL&FS or Yes Bank.
- Common pitfalls
- Spending too many words narrating the story of Ramalinga Raju instead of focusing on the 'changes' requested.
- Failing to mention the Companies Act 2013 as the primary legislative outcome of the scandal.
- Ignoring the role of Uday Kotak Committee or SEBI (LODR) regulations in the evolution of transparency.
- Treating transparency and accountability as synonyms instead of distinct pillars (e.g., reporting vs. liability).
- Dimensions required
- Legislative (Companies Act 2013)Regulatory (SEBI, NFRA)Ethical (Corporate Social Responsibility and Board Integrity)Auditing/Financial (Rotation of auditors and clawback provisions)
- Marks allocation hint
Allocate approximately 40 words to the Satyam context and its systemic failures. Dedicate 120 words to the core of the answer: the Companies Act 2013, NFRA establishment, and SEBI's LODR reforms. Use the final 40 words to provide a forward-looking conclusion on remaining gaps in the current governance framework.
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