The Securities and Exchange Board of India (SEBI) has formed committee to improve standards of corporate governance of listed companies. The committee under the chairmanship of Uday Kotak, chief of Kotak Mahindra Bank, will submit the report within a period of 4 months. The committee would make recommendations to SEBI on ensuring independence in spirit of independent directors and their active participation in functioning of the company and steps for improving safeguards and disclosures pertaining to related party transactions. Besides, the panel would suggest measures for addressing issues faced by investors on voting and participation in general meetings and ways for improving effectiveness of board evaluation practices.