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(Bloomberg) -- India's capital markets regulator is considering rule changes to hold controlling stakeholders accountable from the current structure that focuses on regulating the so-called promoters or founders, as more companies with diversified shareholdings line up for initial public offerings. Other regulators like the Reserve Bank of India have also been trying to push for the separation of ownership from the management of the companies, to promote professional management culture. "With almost all corporate-related laws in India based on the promoter concept, I need not emphasize how important and far reaching this proposal is", Ajay Tyagi, chairman of Securities and Exchange Board of India, said in a speech on Wednesday. [Extracted from the article]