In a move to revamp corporate governance practices, Securities and Exchange Board of India will look afresh at the issue of number of company directorships that a person could hold.

The market regulator's corporate governance panel, headed by Infosys chairman N Narayana Murthy, would consider various issues including board agenda and reporting requirements, Sebi chairman G N Bajpai told reporters on the sidelines of a seminar organised by the Centre for Corporate Governance in Mumbai Monday.

The market regulator was planning to put in place an instrument (corporate governance rating) to help stakeholders in assessing "how corporate was functioning, creating value and sharing the same".

Asked about restructuring of small stock exchanges, Bajpai said Sebi has already approved the Kania committee report on transforming bourses into a corporate entity and "now, the exchanges have to come forward with the proposals".

Earlier addressing the seminar, Bajpai said the company boards should not be a tea club packed with relatives but should, with assistance of able directors, manage the affairs of the corportes.

The company board had tremendous power with large balance sheet size to make or mar the economy and fortunes of the company and investors, Bajpai said.

"The corporate functioning should be transparent and stakeholders must know how their fortunes were being dealt with," he added.