NEW DELHI: Narendra Modi, who recently won a second term as India’s prime minister, is looking to overhaul the nation’s corporate governance system that allowed a string of frauds to mar his first stint in office.
Independent directors on company boards would soon have to clear an exam before they could be appointed, said Injeti Srinivas, the top bureaucrat in charge of corporate affairs. The government is also seeking a ban on Deloitte Haskins & Sells, saying it failed to warn of mounting risks at a major shadow lender, and the banking regulator suspended an EY affiliate this month after finding problems in one of its audits.
