Calcutta Chamber of Commerce hosts Talk Session: SEBI’s Executive Director Mr.Ananta Barua explains Corporate Governance at its Best
15th July’2017, Kolkata:
Calcutta Chamber of Commerce is not only the oldest business association of Asia but most modern in their thinking and process. Once again they organized one of the most teething issue of present corporate world;Corporate Governance and allied issues. A session with the ED of SEBI is not less than a master class in this area.
In the context of liberalization and globalization there is growing realization in the emerging economies including India that a country’s business environment must be maintained and operated in a manner that is conducive to investors’ confidence so that both domestic and foreign investors are induced to make adequate investment in corporate companies. This will be conducive to rapid capital formation and sustained growth of the economy. Thus, Good Corporate Governance is very much relevant today.Mr. Dinesh Jain took this opportunity to curate a Talk Session with Mr.Ananta Barua Executive Director of the Security and Exchange Board of India (SEBI) on the agenda of ‘Corporate Governance’. Also present at the session were State’s top business leaders, leaders of civil society and senior members of the diplomatic core whose presence added special meaning to this occasion.
As a Classic Entrepreneur and a leader with over 35 years of experience in Financial Market Mr. Dinesh Jain said, “The Calcutta Chamber of Commerce is the vanguard of development in trade and commerce serving since 186 years. Through our programs we enable groups of academicians, professionals, bureaucrats, statesmen and businessmen to indulge in a regular practice of exchanging thoughts and ideas involving current socio-economic & political scenarios. Corporate governance refers to the set of systems, principles and processes by which a company is governed. They provide the guidelines as to how the company can be directed or controlled such that it can fulfill its goals and objectives in a manner that adds to the value of the company and is also beneficial for all stakeholders in the long term. In India, SEBI realised the need for good corporate governance and for this purpose appointed several committees such as Kumar Manglam Birla Committee, Naresh Chandra Committee and Narayana Murthy Committee. There is increasing awareness and consensus among Indian investors to invest in companies which have a record of observing practices of good corporate governance. Therefore, for encouraging Indian investors to make adequate investment in the stock of corporate companies and thereby boosting up rate of growth of the economy, the protection of their interests from fraudulent practices is urgently needed.”
Taking forward the session Mr.Ananta Barua Executive Director of the Security and Exchange Board of India expressed his gratitude for the honor bestowed upon him by the Calcutta Chamber of Commerce and said, “The concept of corporate governance hinges on total transparency, integrity and accountability of the management and the board of directors. The importance of Corporate Governance lies in its contribution both to business prosperity and to accountability. In the age of globalization, global competition, good corporate governance facilitate as a great tool for corporate bodies. The collapse of international giants likes Enron, World Com of the US and Xerox of Japan are said to be due to the absence of good corporate governance and corrupt practices adopted by management of these companies and their financial consulting firms. The failures of these multinational giants bring out the importance of good corporate governance structure making clear the distinction of power between the Board of Directors and the management which can lead to appropriate governance processes and procedures under which management is free to manage and board of directors is free to monitor and give policy directions. But the scenario is speedy towards resolution. Several Indian companies such as Infosys, Tata, Birla, Wipro, TCS, and Reliance are some of the global giants which have their flag of success flying high due to good corporate governance. Today, even the law has a great part to play in a successful and growing economy. Government and judiciary have enacted several laws and regulations like SEBI, FEMA, Cyber laws, Competition laws etc and have brought several amendments and even repealed some laws in order that they do not act as barriers for these corporate bodies. The judiciary has also helped in great way by solving the corporate disputes in a speedy manner. “
About Mr.Ananta Barua, Executive Director of The Security and Exchange Board of India (SEBI):
PRESENT POSITION : Executive Director (ED),Corporate Finance Department (CFD) and OIAE, SEBI
Ananta Barua serves as an Executive Director at Securities and Exchange Board of India. Mr. Barua is an Advisor in the Legal Affairs Department of SEBI, the market regulator said, adding that he has been working in the LAD since 1992 and has assisted the board in framing of regulations. Mr. Barua was on deputation to the Central Bank of Bahrain as Legal Adviser and has also worked with the Industrial Finance Corporation of India and National Fertilisers Ltd (BSE:523630). He was also active in various committees, serving as the technical member of the Committee on Financial Sector Assessment and the Justice Wadhwa Committee on re-allocation of IPO proceeds.
ABOUT MR. DINESH JAIN (President of Calcutta Chamber of Commerce):
Mr. Dinesh K Jain, President of Calcutta Chamber of Commerce & MD of AUM Capital Market (P) Ltd. – is a Classic Entrepreneur and a leader with over 35 years of experience in Financial Market. He has led many successful businesses in financial space. He is also a social activist, a writer and a poet. A commerce graduate from Calcutta University, he has a list of degrees adorning his name, starting from FCA, ACS, ACMA, IFRS, M. Com., MA, to LLB, CFP, MBA and DHR. He has been conferred with the prestigious Swami Vivekanad Award for Excellence in Education in 2017 and 2013 Bharat Nirman Award for his contribution to the society.
ABOUT CALCUTTA CHAMBER OF COMMERCE:
In 1830 some traders and craftsmen of Calcutta organized themselves to form the Calcutta Trades Association which was a new kind of commercial organization, the first of its kind, not only in the country, but also in the far East. The Calcutta Trade Association was born thereafter, from realization of a handful of businessmen with certain interests and objectives in common which could be furthered by common action. On the 29th of December 1834, the Association was granted recognition as the first public body with powers to address the Government direct and on the 18th of January, 1883 it acquired the status of a corporate Body immediately following the incorporation of the Indian Companies Act, 1882. The most distinguishing operational aspects of the Calcutta Trades Association and its descendent, the Calcutta Chamber of Commerce, was its contribution for improving Calcutta’s civic amenities. In the subsequent period, with rapid industrialization of the country, the Association noting the changing context of the Indian economy geared up its activities vigorously with greater dynamism and urged with patriotic adventure the pursuit of a new way of life based on social justice and stability.
The Calcutta Trades Association which was established in 1890, thus assumed the name “The Calcutta Chamber of Commerce” in 1977. It may be recalled with real gratification that this august body had established the tradition over a century and a half to serve the country and the people in material progress and help development of the metropolitan City of Calcutta.