"Also, there are 900 companies which are not compliant with the corporate governance norms as per clause 49.....You will accept that this can't go on like this," Sebi chairman, U K Sinha said addressing a capital market summit organised by FICCI here.

"We are going to announce something on Monday... With regard to quality of corporate disclosures, we have decided to come up with detailed guidelines about quality of corporate disclosures," Sinha said adding their details will be released on Monday.

The regulator also said that it would have a re-look at the delisting guidelines. "We will have a re-look at delisting guidelines...The process has already started," Sinha said adding if required, Sebi may look at the rules for preferential allotment of shares by companies.

Meanwhile, the regulator also noted that domestic companies couldn't ignore the global developments, which are moving towards more investor activism.

"Shareholder activism has increased in the last five years. Also, institutional investors are coming in support of minority shareholders for more transparency...Companies can't ignore this," Sinha said adding that public scrutiny of people in authority has increased in last few years globally.

Giving example of how chief executive of Fortune-500 companies are voted out due to lack of performance, Sinha said the direction of regulation will move to ensure more transparency and accountability.

He also said earlier regulators used to penalise companies, which is now shifted to penalising CEOs and CFOs of companies. Sinha pointed out that rules by regulators in the US and European countries have impact on Indian corporate houses.

"Certain countries' regulations also affect companies of other countries...Companies must be aware of this...Look at FATCA regulations of US...Even European regulator passing regulations have impact on India," Sinha said adding India is talking with these regulators in various fora to find a solution.

Sinha also said the regulator is doing technology audits of stock exchanges in order to maintain the sanctity of the market.

PTI