In the light of the Satyam Scandal (2009), discuss the changes brought in corporate governance to ensure transparency and accountability.

Use it to show how listing and disclosure rules are now being used as tools of corporate governance for systemically important firms, with the listing standards that apply.

• After failures such as IL&FS in 2018, the RBI's Scale-Based Regulation (October 2021) requires Upper Layer NBFCs to list within three years of identification; Tata Sons was identified in September 2022.
• Listing brings SEBI disclosure rules: quarterly results within 45 days, at least one-third independent directors (half if the board chair is an executive) and at least four board meetings a year.
• Supporters say listing brings market discipline, disclosure and scrutiny to entities large enough to pose systemic risk.

The IBBI's proposals show regulators tightening related-party controls, independent valuation and recorded reasons, recent accountability reforms in corporate debt resolution.

• An NCLT order of 25 August 2026 approved Subhash Chandra's plan to pay ₹6.5 crore against admitted claims of about ₹22,006.57 crore, a 99.97% haircut, prompting IBBI's discussion paper.
• IBBI proposes a nil voting share for related-party creditors under Section 5(24A) of the IBC and mandatory examination of avoidance transactions by the resolution professional.
• It also proposes registered valuers for fair and realisable value and minutes recording creditors' reasons, not only the vote, so approval rests on 'a reasoned commercial assessment'.