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The Narayana Murthy Committee, constituted in 2003 by the Securities and Exchange Board of India (SEBI), played a significant role in strengthening corporate governance standards in India. Its recommendations were aimed at enhancing transparency, accountability, and investor confidence, particularly in the banking and financial sector. The need for such reforms was prompted by the increasing integration of the Indian economy with global markets, instances of corporate fraud, and the necessity to align with international governance norms. The committee was chaired by N.R. Narayana Murthy, founder of Infosys Technologies, and included prominent members from various sectors, reflecting a comprehensive and practical approach to governance reforms. The primary objective of the Narayana Murthy Committee was to review the performance of the earlier Kumar Mangalam Birla Committee’s recommendations on corporate governance and to suggest improvements based on emerging needs and global best practices. The committee recognized that strong corporate governance was critical for safeguarding the interests of stakeholders, especially in the banking and financial sector where fiduciary responsibility is paramount. The sector deals with public funds and systemic stability, making governance failures potentially catastrophic. Therefore, the committee’s recommendations were designed to strengthen board structures, improve disclosures, and ensure greater accountability. One of the key recommendations of the Narayana Murthy Committee was related to the responsibilities of the Audit Committee. The committee emphasized that the Audit Committee should play a central role in overseeing financial reporting processes, internal control systems, and audit mechanisms. It proposed that the Audit Committee be composed of independent directors only, with at least one member possessing financial and accounting expertise. This recommendation was particularly relevant for banks and financial institutions, where complex financial instruments and risk management ____ _________ ___ _____ ___ _________.
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