Indian Firms Performed Best In the BRICS Countries: Transparency International

Transparency International (TI) released a report on 17 October 2013 tilted Transparency in Corporate Reporting: Assessing Emerging Market Multinationals .The report is related on 100 of the fastest-growing, companies based in 16 emerging Countries.

Highlights of the report

• Indian firms perform best in the BRICS countries
• Russian firms occupied second place in the score.
• China got the lowest rating of the BRICS economies (Brazil, Russia, India, China and South Africa).
• Eight of the 10 worst-performing companies were Chinese, such as state-owned Chery Automobile Co Ltd.
• 50 percent of the companies with the lowest scores are privately owned.
• Companies from India like Tata Communications, Tata Global Beverages, Tata Steel and Vedanta Resources scored 92 percent and topped in the score.
• 79 companies published a statement that they are committed to complying with all laws, including anti-corruption laws. But almost half did not have an unequivocal statement of zero tolerance of corruption.

Transparency International (TI) used following three metrics in the report 

1. Reporting on anti-corruption programmes (ACP): covering inter alia bribery, facilitation payments, whistleblower protection and political contributions
2. Organisational transparency (OT): including information about corporate holdings
3. Country-by-country reporting (CBC): including revenues, capital expenditure and tax payments

G. K. Pillai appointed as the Chairman of MCX-SX

G.K. Pillai, the former Union Home Secretary on 1 November 2013 was appointed as the Chairman of the MCX-SX. Thomas Mathew T, the former acting chairman of the Life Insurance Corporation has also been appointed as the Vice President of the bourse. 

The appointments were cleared by the board of directors on 24 October 2013 and have been also cleared by the Securities and Exchange Board of India (SEBI). In October 2013, SEBI had also renewed the license of the exchange after extensively exam the same.

About MCX-SX

MCX-SX (MCX Stock Exchange Limited) is a new stock exchange of India. It is recognized by the Securities and Exchange Board of India under Section 4 of Securities Contracts (Regulation) Act, 1956. MCX-SX became the recognized stock exchange by the Union Ministry of Corporate Affairs on 21 December 2012, under Section 2(39) of the Companies Act, 1956

Securities and Exchange Board of India (SEBI)

Established on 12 April 1992, the Securities and Exchange Board of India (SEBI) was established as per the provisions of the Securities and Exchange Board of India Act, 1992. To protect the interests of the inventors in securities and to promote the development of the securities market and to regulate the securities it describes the basic functions of the SEBI.