As mentioned, the major preoccupation has been with Government Securities market for all the reasons explained. The corporate bond market commenced in a significant way with Public Sector Undertakings being encouraged to take recourse to them in late eighties, but the private corporate sector's debt requirements were met largely by development financial institutions and banks.
The Companies Act 2012 (chapter F) also reinforces corporate governance. Good intentions do not always prevent unintended consequences – which is why a forum such as this one can be very helpful in illuminating the potential pitfalls of well-intended corporate governance proposals. Some unintended side-effects might include high compliance costs, ambiguous liabilities, or reduced innovation.