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VOL. 11, ISSUE 1 (2026)
Impact of SEBI (LODR) Regulations, 2015 on transparency and shareholder protection in Indian listed companies: An analytical study
Authors
Rani M, Dr. Akhilesh Kumar Pandey
Abstract
The SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (LODR) were
introduced to consolidate and strengthen the listing and disclosure regime in
India, aiming to reduce information asymmetry, enhance corporate
accountability, and protect minority shareholders. Despite these formal
reforms, recent scholarly work indicates that the translation of regulatory
design into improved market outcomes has been uneven, with persistent
challenges such as concentrated ownership, promoter dominance, and variable
enforcement capacity conditioning the impact of regulatory change. This
analytical study interrogates the impact of LODR on transparency and
shareholder protection in Indian listed companies by combining doctrinal
analysis of the regulatory text and amendments with selective empirical
assessment of disclosure outcomes and enforcement practice. The study finds
that LODR has materially strengthened the formal framework for corporate
governance by consolidating disclosure obligations, enhancing board
accountability, and institutionalizing shareholder participation mechanisms.
However, the effectiveness of LODR is mediated by firm-specific governance
structures, enforcement capacity, and shareholder engagement levels. While
improvements in transparency and procedural safeguards are evident, the
persistence of concentrated ownership patterns, limited board independence, and
weak activism prevent the Regulations from achieving their full protective
potential. The study concludes that strengthening enforcement mechanisms,
simplifying compliance for smaller entities, and fostering institutional
stewardship are necessary for LODR to deliver substantive—not just
formal—transparency and shareholder protection in India's listed companies.
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Pages:12-17
How to cite this article:
Rani M, Dr. Akhilesh Kumar Pandey "Impact of SEBI (LODR) Regulations, 2015 on transparency and shareholder protection in Indian listed companies: An analytical study". National Journal of Multidisciplinary Research and Development, Vol 11, Issue 1, 2026, Pages 12-17
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