SEBI has barked but has forgotten to bite

Recollect the innumerable headlines of 2005 and 2006, when SEBI Chairman M Damodaran, still new in his role as capital market watchdog, had threatened not to extend the date for compliance with Clause 49 of the Listing Agreement irrespective of the ownership of companies? Clause 49 is India’s equivalent of the Sarbanes Oxley legislation of the US and...