Corporate Governance Practices-Self regulation vis-à-vis legislation

The debate over ‘self-regulation or legislation in corporate world’ is quite old now. Indian corporate scenario would justify the legislation of corporate practices. Confederation of Indian Industries codified the corporate Governance practices many years ago but its compliance was non-existent until and unless the securities and Exchange Board of India made it mandatory on the recommendation of Kumar Manglam Birla Committee set up by the Government of India.