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Corporate governance rules soon

Calcutta, April 4: The core group set up by the Institute of Company Secretaries of India (ICSI) is expected to submit its recommendations on corporate governance in six months.

The ICSI panel was formed after the Satyam accounting fraud came to the forefront. The core group will suggest steps to be taken to strengthen corporate governance laws.

“If any member of the institute is found guilty of professional misconduct, his licence can be withdrawn for six months to a lifetime. We have a five-member committee in place, which also has two government nominees,” ICSI president Datla Hanumanta Raju said here today.

Training for directors

ICSI has introduced a curriculum to train around 500 independent directors of public sector undertakings (PSUs) as well as private companies by the end of 2009.

The training will focus on corporate governance and ethics.

ICSI has already trained 60 officers of the Life Insurance Corporation of India. It has organised similar programmes for the directors of Mahanagar Telephone Nigam Ltd. The directors of Punjab National Bank have also expressed interest, Raju said.

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