New Delhi, April 6 -- India's market regulator is working on a collaborative framework with corporates, academia and professional bodies to expand the pipeline and effectiveness of independent directors, even as recent boardroom tensions at HDFC Bank sharpen scrutiny on governance standards.

"Sebi will seek to embark on a joint initiative for capacity building of independent directors at scale with a view to further improve corporate governance," Sebi chief Tuhin Kanta Pandey said at the 19th Governance Summit hosted by the Confederation of Indian industries (CII) on Monday.

"Boards are well constituted, but not always equally effective. Information is available but not always interrogated deeply. Independence exists in form, but may no...