Corporate governance involves balancing economic and social goals as well as individual and group interests. The primary purpose is to create wealth legally and ethically by satisfying key stakeholders. Good governance requires mechanisms for internal control by boards and managers as well as external control through regulations, markets and stakeholders. In India, corporate governance initiatives began in the 1990s led by industry groups and later the securities regulator SEBI. Key reforms strengthened board independence and financial disclosure standards. While standards have improved, further training of directors and ensuring the spirit not just letter of regulations remains an ongoing challenge.