Sebi has come out with a major consultative paper reviewing corporate governance norms in India as they apply to listed companies. It merges its own developmental philosophy with the thinking of the Companies Bill that is pending passage in Parliament. Of course, the Companies Bill has governance provisions for all public limited companies (private limited companies are broadly exempt) and, surprisingly, several enhanced standards for listed companies. Some of the proposals in the Bill are tougher than those contained in today’s corporate governance norms set in the Sebi-mandated listing agreement. For the sake of analysis, let us divide them into the good, the bad and the ugly.