Like in many other advanced and emerging markets, company groups are prevalent in India. On average, Indian listed companies have more than tripled the number of subsidiaries for the past 15 years and as of March 2020, listed companies in the NIFTY 50 index have an average number of approximately 50 subsidiaries/step-down subsidiaries. Further there are between 60-70 companies currently in a crossholding relationship. Both data-sets point to the need to focus on Company groups, and their governance. This is the subject of a recent OECD-SEBI Report, which concludes that SEBI will continue to develop regulatory framework for corporate governance.

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