InGovern Research

India’s first independent proxy advisory firm. We advice companies and investors on corporate governance issues. Tweets: investing, startups, listed, governance

[InGovern Research @InGovern]

A recent article in @FinancialXpress highlights how SEBI’s probe into Rajesh Exports has brought renewed attention to corporate governance standards, financial disclosures, and the oversight responsibilities of institutional investors. The developments have raised important questions about accountability mechanisms and the effectiveness of monitoring by significant shareholders when governance concerns emerge.

In an interaction with the publication, InGovern Founder & MD, Mr. @reachShriram Subramanian, emphasized that institutional investors, particularly those holding significant stakes, have a fiduciary responsibility to actively monitor investee companies. He noted that stewardship goes beyond voting rights and requires continuous engagement, scrutiny of disclosures, and timely intervention when governance red flags surface.

This development serves as a reminder that strong corporate governance depends not only on company management and boards but also on active oversight by institutional shareholders. Robust stewardship practices are essential to safeguarding minority shareholder interests, enhancing market integrity, and strengthening investor confidence in India's capital markets.

Read full article: https://t.co/I5sGU2SLsm

#RajeshExports #CorporateGovernance #SEBI #Stewardship #InstitutionalInvestors #InGovern

[InGovern Research @InGovern]

Good corporate governance demands transparency and strict compliance with the spirit of the law.

The recent WBAAAR ruling exposes a deeply concerning practice in the digital economy. Large e-commerce platforms have been using artificial contractual fictions to misclassify integrated logistics as exempt Goods Transport Agency (GTA) services. This "colourable device" allows them to avoid GST, causing significant revenue loss for the exchequer and creating an uneven playing field for compliant logistics companies.

Tax structures must reflect economic reality. Urgent policy actions are needed to restore market fairness:
1. Clarify that e-commerce logistics are taxable fulfillment services
2. Review the GTA definition to explicitly close this loophole
3. Direct tax authorities to scrutinize these artificial arrangements across the industry

A fair market relies on equitable tax enforcement and the complete elimination of interpretational arbitrage.

#CorporateGovernance #GST #TaxCompliance #Ecommerce

[InGovern Research @InGovern]

As regulatory scrutiny on digital gold platforms intensifies, concerns have emerged over whether current enforcement measures are creating uncertainty for a product that has helped bring gold investments within reach of millions of small savers. The debate raises important questions about balancing investor protection with financial inclusion.

In this context, Mr. @reachShriram Subramanian, Founder & MD of InGovern, highlights that digital gold has expanded access to a trusted asset through transparent and traceable transactions. He notes that while regulatory oversight is necessary, restricting digital gold may not diminish the demand for gold itself, but could instead shift investments back to less formal and less transparent channels.

According to Mr. Shriram Subramanian, the way forward lies in bringing digital gold within a well-defined regulatory framework rather than limiting its growth through enforcement actions. As investor preferences and digital adoption continue to evolve, regulatory policy should focus on fostering transparency, accountability, and broader participation in the formal financial system.

#InGovern #ShriramSubramanian #DigitalGold #CorporateGovernance #FinancialInclusion #InvestorProtection #CapitalMarkets #GovernanceMatters #Regulation #GoldInvestments

[Business Today @business_today]

BT Sustainability Awards 2026 | India’s Most Sustainable Companies | Jury Meet

Business Today proudly presents the BT Sustainability Awards 2026 — the biggest night honoring visionary leadership at India’s most sustainable companies. From groundbreaking innovations in renewable energy and circular economy to measurable impact on carbon reduction and community development, these winners are redefining responsible business in the world’s fastest-growing economy. Watch the jury meet as experts discuss, evaluate and shortlist companies that have demonstrated measurable progress in environmental, social and governance practices.

Chaired by Professor Ramesh Chand, Former Member, Niti Aayog, the jury included:

- Kamran M Khan, MD & Head Of Sustainable Finance For Asia Pacific, Middle East And Africa, Deutsche Bank Group

- Professor Pramod Kumar Singh, Dean, School Of Governance, Development & Policy, Irma (Institute Of Rural Management Anand)

- Shriram Subramanian, MD, Ingovern

- Dr Vibha Dhawan, DG, TERI

- Revati Kasture, ED, CareEdge Group

- Professor Anish Sugathan, Arun Duggal Centre for ESG Research (CESGR), IIM-A

The jury discussion was moderated by Siddharth Zarabi, Group Editor, Business Today. The panel debated the progress of Indian companies on sustainability benchmarks. From financing and policy gaps to ESG compliance and innovation, the discussion spanned it all.

Watch: https://t.co/9uYhuGrEZq | #BusinessToday #BTSustainability #ESG #Sustainability #IndiaInc

@szarabi | @Ramesh_ChandDr | @NITIAayog | @IRMAOfficial79 | @reachShriram

[InGovern Research @InGovern]

The US SEC’s proposal to allow listed companies to shift from quarterly to semi-annual financial reporting has sparked a wider debate around investor protection, market transparency, and corporate accountability. While supporters believe the move could reduce compliance burdens and encourage long-term business planning, critics have raised concerns over increased information asymmetry, insider trading risks, and reduced visibility for shareholders.

Sharing his views with @FinancialXpress, Mr. @reachShriram Subramanian, Founder & MD of InGovern, highlighted that less frequent disclosures may lead to higher share-price volatility, as investors could form differing assumptions about a company’s financial health and business performance in the absence of regular updates. He also noted that many large US-listed companies may still continue quarterly reporting voluntarily to maintain investor confidence and transparency.

The discussion also reflects a broader global divide between reducing regulatory pressure on corporates and preserving strong governance standards that protect minority shareholders and market integrity.

Read full article: https://t.co/tZIbQC2fUC

#CorporateGovernance #SEC #InvestorProtection #MarketTransparency #InGovern

[InGovern Research @InGovern]

Why Tata Sons Listing Debate Is Gaining Attention

InGovern has renewed its call for the listing of Tata Sons, highlighting concerns around governance transparency, accountability, and shareholder interests. The discussion gained wider attention following reports on internal differences within Tata Trusts and the growing importance of stronger disclosure standards for large privately held conglomerates.

Sharing his perspective, Mr. @reachShriram Subramanian, Founder & MD of InGovern, stated that a time-bound listing of Tata Sons could strengthen governance standards, improve transparency, and enhance investor confidence. He also emphasized that greater market oversight would help reinforce accountability in an institution of such economic significance.

He further noted that bringing Tata Sons under a listed framework could help set a stronger benchmark for governance practices in India’s corporate ecosystem while ensuring better disclosure and stakeholder participation over the long term.

These governance-focused perspectives were prominently featured across leading business publications including @bsindia , @TOIBusiness , @moneycontrolcom , and @businessline.

Read full articles:
https://t.co/3mRfDeCXbi
https://t.co/LRPWzEYnEC
https://t.co/j0qC4d8muQ
https://t.co/v4bKDcEqz8

#TataSons #CorporateGovernance #InGovern #Transparency #ShareholderRights #IndiaInc

[InGovern Research @InGovern]

The RBI’s draft framework for Prepaid Payment Instruments (PPIs) has initiated significant discussions across the digital payments ecosystem, with stakeholders expressing concerns regarding transaction limits, wallet loading restrictions, and operational compliance requirements that may impact consumers, MSMEs, and fintech innovation. The proposed framework is expected to further strengthen governance standards and security measures while influencing the evolving landscape of digital wallet adoption in India.

Our Founder & MD of InGovern, Mr. @reachShriram Subramanian, shared that PPIs have emerged as an important financial access mechanism for millions of users, particularly for low-value transactions and secure digital payments. He further noted that while enhanced governance and interoperability are welcome developments, it is equally important for the regulatory framework to maintain a balanced approach that supports innovation, accessibility, and ease of usage for digitally evolving consumers.

Read full article: https://t.co/TnjglxDX2b

#RBI #PPI #DigitalPayments #Fintech #FinancialInclusion #DigitalEconomy #Wallets #Governance #Regulation #InGovern

[InGovern Research @InGovern]

Flipkart IPO: The Clock is Ticking as Amazon Strengthens Its Financial Lead

Our Founder & MD, Mr. @reachShriram Subramanian, recently shared his perspectives through an article published on @moneycontrolcom on the evolving dynamics of Flipkart’s IPO journey amid rising competition in India’s e-commerce sector. The discussion highlights how profitability expectations, delayed listing timelines, and Amazon’s stronger financial scale are increasingly shaping investor sentiment and market outlook.

Mr. Shriram Subramanian noted that the IPO environment today demands a stronger focus on sustainable profitability, governance standards, and long-term value creation rather than relying solely on market positioning. He further highlighted that Amazon’s deeper financial capabilities and operational scale continue to strengthen its competitive advantage, making strategic timing and execution especially important for Flipkart as it moves closer to its public market aspirations.

He also emphasized that public market investors are now evaluating technology-driven businesses with greater scrutiny on financial discipline and governance practices. In this evolving environment, companies preparing for listing are expected to demonstrate not only growth potential but also a clear and sustainable path toward profitability and shareholder value creation.

Read full article:
https://t.co/5qhEQHXxrx

#Flipkart #Amazon #IPO #Ecommerce #CorporateGovernance #InGovern #ShriramSubramanian #Moneycontrol #IndianMarkets

[InGovern Research @InGovern]

India’s FPI Framework Must Balance Regulation With Investor Confidence

India’s evolving Foreign Portfolio Investor (FPI) framework reflects the growing need to balance stronger regulatory oversight with maintaining investor confidence and ease of doing business. While India continues to remain an attractive destination for global capital, regulatory uncertainty and compliance complexities can influence long-term investor sentiment and market participation.

Our Founder and MD, Mr. @reachShriram Subramanian, recently shared his perspectives through an article published in @FinancialXpress, where he highlighted the importance of maintaining a careful balance between regulatory scrutiny and ensuring India remains an attractive market for foreign investors. He emphasized that clarity, consistency, and predictability in regulations are critical to sustaining investor confidence and supporting long-term capital inflows into India’s markets.

Read full article: https://t.co/x5RlFim9Q8

#InGovern #CorporateGovernance #FPI #CapitalMarkets #InvestorConfidence #RegulatoryFramework #IndiaMarkets #Governance #FinancialMarkets

[ET NOW @ETNOWlive]

#WATCH | Tata Trusts In Focus!

The board meeting has been postponed for a second time after intervention by the Mumbai Charity Commissioner. Shriram Subramanian of InGovern weighs in on the developments👇

@InGovern @reachShriram @ankurmishrasays #TataTrusts

[ANI @ANI]

#WATCH | Ooty, Tamil Nadu: On his letter to the independent directors and board members of the seven listed Tata Group companies, Founder of InGovern Research (a corporate governance and proxy advisory firm), Shriram Subramanian, says, "The listed Tata Group companies, which are seven of them, own 12% shares in Tata Sons... It is now the onus of these Tata Group companies to push Tata Sons to list so that they can unlock the value of that 12% shareholding... The moment there is news of the listing of Tata Sons, the markup of these Tata listed companies itself will go up... The RBI has clarified that companies like Tata Sons, which are CICs (Core Investment Companies), which have indirect access to public funds, need to be listed. The onus is on Tata Sons to ensure that they are compliant with RBI norms and regulations. As of date, Tata Sons is non-compliant... The RBI should reject the application made by Tata Sons for deregistration as an NBFC (Non-Banking Financial Company)..."

[InGovern Research @InGovern]

InGovern Calls for Listing of Tata Sons to Enhance Transparency

InGovern has urged the directors of seven listed Tata Group companies to take steps toward listing Tata Sons, highlighting the need for enhanced transparency, stronger governance practices, and fair treatment of minority shareholders across the group. The recommendation underscores the importance of improved disclosures at the holding company level and alignment with evolving corporate governance standards. These perspectives have been widely reflected across leading media outlets, including The @EconomicTimes , @Dev_Discourse , @RediffNews , @thenewsdrum , @PTI_News , @News18India , @ThePrintIndia.

Mr. @reachShriram Subramanian, Founder & MD of InGovern Research, shared that listing Tata Sons would significantly improve accountability and transparency, bringing the group closer to global governance benchmarks. He emphasized that greater visibility into the holding company’s financials would ultimately benefit public shareholders and strengthen overall investor confidence.

Read full article:
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https://t.co/dDPoSLakJz
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#CorporateGovernance #TataGroup #InGovern #Transparency #ShareholderRights #CapitalMarkets

[ET NOW @ETNOWlive]

#WATCH | Will Tata Sons list or not? That’s the big question markets have been asking

It was earlier reported that the Reserve Bank of India is likely to take a final call soon. Now, InGovern Research Services has flagged that Tata Sons’ deregistration bid may not hold under the current regulatory framework

Shriram Subramanian of InGovern shares the details

#TataSons #RBI #InGovern #Markets #IndiaMarkets @InGovern @reachShriram @ankurmishrasays

[InGovern Research @InGovern]

Transmission Bottlenecks Cloud Powergrid’s Expansion Story

InGovern Research Services’ report highlights key concerns around Power Grid Corporation of India’s (PGCIL) aggressive expansion strategy, pointing to rising execution risks amid high market concentration and large-scale capex plans. Delays across critical renewable transmission projects, coupled with capital locked in under-construction assets, are beginning to impact returns and overall efficiency.

The report further notes that transmission constraints are emerging as a major bottleneck in India’s energy transition, with increasing renewable curtailment reflecting gaps in infrastructure readiness. InGovern recommends a more balanced approach to project allocation, improved transparency, and a strategic shift towards execution-led growth.

Read the full report : https://t.co/Hbn9a5vfyy

#InGovern #CorporateGovernance #PowerSector #EnergyTransition #Infrastructure #RenewableEnergy #IndiaMarkets

[InGovern Research @InGovern]

Transmission Bottlenecks Pose Execution Risks to India’s Power Grid Expansion

A report by InGovern Research Services highlights that India’s renewable energy expansion is facing delays due to transmission bottlenecks, driven by land acquisition, right-of-way (RoW), and clearance challenges. These constraints are leading to project delays and are particularly impacting execution timelines for Power Grid Corporation of India, given its large and concentrated project pipeline.

The report indicates that despite an aggressive capex programme, execution delays are starting to weigh on financial performance. Rising capital work-in-progress, increasing leverage, and moderation in return ratios point to growing pressure on capital efficiency. It also highlights that continued delays could impact project returns and slow the pace of renewable energy integration.

Read the full report : https://t.co/Hbn9a5vfyy

#CorporateGovernance #PowerSector #RenewableEnergy #Infrastructure #IndiaEconomy #InGovernInsights

[InGovern Research @InGovern]

The spotlight is on Tata Sons ahead of its upcoming board meeting, where key decisions on a potential listing and leadership continuity are expected to shape the future direction of the Tata Group. In an interaction with @ETNOWlive, the discussion highlighted the governance and strategic implications of these developments.

Mr. @reachShriram Subramanian, Founder & MD of InGovern, noted that granting another term to N. Chandrasekaran would be a logical step, as a decade is often insufficient to deliver full outcomes in a complex conglomerate. Leadership continuity, he indicated, remains important to sustain progress and address pending challenges, including better visibility on unlisted entities.

On the listing front, he highlighted that regulatory push from the Reserve Bank of India and shareholder expectations from the Shapoorji Pallonji Group could influence the decision, even as Tata Trusts may prefer limited transparency. A listing would increase scrutiny on disclosures, capital allocation, and profitability across group companies.

Watch the full interview on ET Now for detailed insights: https://t.co/7dF8y0yl2r

#TataSons #TataGroup #CorporateGovernance #Leadership #IPO #Boardroom #IndiaInc #InGovern #ShriramSubramanian #ETNow

[Daksh @daksh_india]

Saturday, April 18, 2026, at the Bangalore International Centre (BIC)

Hi folks in Bangalore! We invite you for an insightful and informative day exploring critical aspects of India's legal and corporate landscape. We will delve into the challenges and opportunities surrounding the National Company Law Tribunal (NCLT) and the National Financial Reporting Authority (NFRA).

➡️Consultation on 'Reimagining the NCLT' | 2:00 PM Discussants - Aparna Ravi, Aakash Sherwal, Rajasekhar V.K., Harish Narasappa SA and Anjali Sharma

As we mark a decade since the Insolvency and Bankruptcy Code (IBC) came into force and the National Company Law Tribunal (NCLT) assumed the role of the Adjudicating Authority, we will discuss the structural and operational challenges faced by the NCLT and explore potential reforms to enable shorter timelines, effective adjudication, and improved IBC effectiveness.

➡️Panel Discussion on the National Financial Reporting Authority (NFRA) | 3:45 PM Panellists - Narayanaswamy R, Shriram Subramanian @reachShriram of @InGovern, Pramod Rao, Ayush Tandon and Surya Prakash B S @SuryaPrakashBS

We are honoured to have distinguished panellists, who will share their expertise and insights on the functioning of the NFRA and potential policy reforms to enhance its effectiveness as India's supervisory auditing and accounting authority.

Don't miss this opportunity to gain valuable perspectives from leading experts and network with peers in the legal, corporate, and policy domains. Mark your calendars and register now -https://t.co/QuxHLMoYlI

If you have any questions, reach out to us through DM! #DAKSHevents #NCLT #NFRA #PanelDiscussion

[InGovern Research @InGovern]

HDFC Bank Leadership Transition: Governance Stability in Focus

The recent resignation of the Chairman at HDFC Bank has triggered widespread discussion across business media, raising questions around governance continuity and leadership stability. However, coverage across multiple reputable publications consistently indicates that this episode is a personality-driven aberration and not reflective of any systemic weaknesses in the bank’s governance, financial strength, or operational framework.

Insights from the report by InGovern Research Services emphasize that such leadership exits, while noteworthy, do not necessarily point to governance failures. The report highlights that HDFC Bank continues to demonstrate strong financial performance, stable asset quality, and well-established institutional processes that go beyond individual leadership.

It further underscores that the bank’s board structure, risk management systems, and succession planning mechanisms remain robust, ensuring continuity and resilience. Importantly, the report notes that there is no evidence of any breakdown in financial stability, operational integrity, or board functioning, reinforcing investor confidence during such transitions. These perspectives have been widely reflected across leading media outlets, including @EconomicTimes, @FinancialXpress, @DeccanChronicle, @bsindia, @CNBCTV18Live, and @businessline.

Read the full articles:
https://t.co/5X61rnEKYs
https://t.co/tBtjjecTzA
https://t.co/KuYHenIrfU
https://t.co/P34CEBj0W3
https://t.co/QXGWru7Ji9
https://t.co/Lw0J1gddOG

#HDFCBank #CorporateGovernance #LeadershipTransition #BankingSector #InGovern #MediaCoverage #GovernanceMatters