Some of our work in corporate governance include:

• Policy and regulatory framework of Corporate Governance: Our report for MCA and FICCI on Insights on the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements, 2015 was placed before the standing committee of finance of Indian parliament;
• Monetising governance and wealth from trust: Our objective is to determine the importance and interplay of performance and governance in the market price of equity share since governance, as defined by us, is the compositive value that free markets give for their trust in the owners and management of the company. We aim to segregate relative weights given by capital markets to performance and governance in order to present the interaction of these factors in the valuation of a share price. Using our assessment framework and competitiveness index, we separate the effect of the performance in a share price which is attributed to governance. This isolation enables an empirical understanding of market perception of performance and governance of a company.
• Analysis of an enterprise: We evaluate corporate governance practices of companies in order to help them improve their governance, reporting and disclosures and analyse the strength of their governance and risk management.
• Fraud detection: We are appointed by the Chief Economic Advisor and Ministry of Corporate Affairs to undertake deep research to develop models and characters of early warning signals for detection of corporate fraud from publicly filed financial statements. In two phases, we studied financial statements (covering data of over 10 years), to device a model for early prediction of fraud. The studies use complex econometric tools to develop a statistical fraud prediction model to capture early notice of frauds by their financial statement triggers. In the first phase related party transactions emerged as the primary conduit for perpetrating frauds, which led to the second phase which focussed solely on related party transactions and how these are used to perpetrate fraud.
• Development of governance criteria of the ESG maturity among start up and growing companies: Framework developed for use to assess the ESG readiness and capability of potential investments by its private sector team while investing in Indian conditions. The framework works on a maturity model that provides specific guidance to an investee to move up the value chain in ESG parameters such as disclosure, transparency, internal controls, risk management system, external audit etc.
• Governance benchmarking: We work with a number of companies on development of corporate governance maturity scales and assessments, benchmarking and best ethical business practices. Over the years, TARI has conducted numerous successful studies in collaboration with or funded by the government bodies such as Ministry of Corporate Affairs, Securities and Exchange Board of India, Serious Fraud Investigation Office, Indian Institute of Corporate Affairs, bilateral and multilateral agencies such as United Kingdom’s Foreign Commonwealth & Development Office, GIZ GmbH of Germany, United Nations Global Compact Network, trade associations such as Federation of Indian Chambers of Commerce and Industry and The Confederation of Indian Industry and academic institutions such as Indian Institute of Management, Calcutta and Shiv Nadar University.

The Government and its agencies actively consider and utilize our research findings. Several of our research papers have been presented and discussed in the Indian Parliament, and quoted by the government in responses to questions from lawmakers and other stakeholders.

Some of our published works are listed here with links for easy reference:

• * State of Corporate Governance in India: Policies to Reality (for Ministry of Corporate Affairs, GOI).
  Link:  https://tari.co.in/wp-content/uploads/2014/02/Corporate-Governance-From-Policies-to-Reality.pdf

• *Understanding the Demand & Supply Equations of Corruption and Fraud: An Insight into the Corruption & Fraud by the Private Sector in India (for UNGC Network India). Link: https://tari.co.in/wp-content/uploads/2014/02/Understanding-the-demand-supply-equations-of-corruption-fraud-final.pdf

• *Taking Stock: Playing in the Indian Capital Market (for Grant Thornton).
  Link: https://tari.co.in/wp-content/uploads/2014/10/Playing-in-the-Indian-Capital-Markets1.pdf

• *Alliance for Integrity: Chiselling the Way Forward (theme paper in collaboration with GIZ).
  Link: https://tari.co.in/wp-content/uploads/2014/10/AFIN-Chiselling-The-Way-Forward.pdf

• *Policies for Ethical Corporate Governance: Need and Relevance (background paper for UNGC India).

• *Corporate Governance in India@2016: Where Do We Stand? (for FICCI which will be officially released soon).

TARI has to its credit two books which have been highly acclaimed by the academicians, the media and business leaders:

• 1. Corporate Governance: Myth to Reality (LexisNexis) and
  (Link: https://tari.co.in/?books=india-means-business-how-the-elephant-earned-its-stripes)

• 2. Handbook for Independent Directors – Upholding the moral compass – Done in collaboration with EY LLP (LexisNexis). ( Now in its 2nd Edition)
  (Link: https://tari.co.in/?books=directors-handbook)
  One more book, on the roles and responsibilities of Audit Committees (with PwC), is expected to be released by October 2016, by Lexis Nexis.
  For your queries, write to us at: contactus@tari.co.in