Economic liberalisation and globalisation of the Indian economy pushed the government and corporate world to embark on a reform process in order to meet the challenge of global changes. The Indian business world responded to global developments as well, drawing cues from the growing relevance of corporate governance as a fair and transparent framework for managing enterprises in the interests of long-term maximising of shareholder wealth and benefit to society as a whole. This article discusses the shortcomings of the current Corporate Governance Regime and the necessity of reforming it for better regulation.