In India, Securities and Exchange Board of India (SEBI) defined corporate governance as the "acceptance by management of the inalienable rights of shareholders as the true owners of the corporation and of their own role as trustees on behalf of the shareholders.
It is about commitment to values, about ethical business conduct and about making a distinction between personal & corporate funds in the management of a company. "1 This scope has however undergone changes over time to include ethical conduct by the organization and its functionaries, rather than just ensuring strict compliance with laws and precise regulation.