Ministry of Corporate Affairs noted that the databank is expected to become a comprehensive repository of both existing independent directors as well as individuals eligible and willing to be appointed as independent directors

The government plans to put in place a stricter disclosure framework for independent directors, including providing details about their resignation from companies, as part of continuing efforts to bolster corporate governance standards.

While there are stringent provisions under the Companies Act, 2013 to ensure good governance standards, the roles of independent directors has come under the scanner in certain instances of corporate misdoings.

A total of 81 companies have been probed for corporate frauds by SFIO since 2011-12. SFIO investigated 22 firms each in 2012-13 and 2013-14 for alleged frauds.

Under the new Companies Act, 2013, all profitable companies with a sizable business will have to spend every year at least 2 per cent of three-year average profit on CSR works.

The Wipro chairman, however, added that the companies should wholeheartedly participate in activities related to corporate social responsibility (CSR) and must also take care in choosing their focus areas.

The proposed CSR Index would assess impact and performance of companies listed on the BSE in CSR activities.