This article examines the differences in the disclosure levels of Indian companies excluding financial services companies based on management control. Indian companies can be classified into three types based on management control, namely Public Sector Undertakings (PSUs-owned and controlled by the government), Private Sector Companies and the subsidiaries of Multinational Companies (MNCs). The disclosure levels of the companies were measured using Standard and Poor's Transparency and Disclosure Index methodology. The results prove that there is no significant difference between PSUs and private companies in their disclosure scores. But the disclosure scores of MNCs in the `financial transparency and information disclosure' category are lower than that of the other companies.

The 1990s marked a remarkable change in the Indian business environment. Many sectors such as telecom, power and steel were opened up for private sector participation. Besides, the Multinational Companies (MNCs) were also allowed to enter the market. The competition spread to the capital market also, when the government started divesting its stake in the government-owned companies which are called Public Sector Undertakings (PSUs).

During the same period, the need for corporate governance was also felt in line with the international trend. The first initiative for ensuring corporate governance among Indian companies came from the corporate sector itself. The Confederation Indian Industry (CII) came up with the Code of Desirable Corporate Governance in 1998. Then the Securities Exchange Commission of India (SEBI), the regulator of Indian financial market, appointed ‘Kumaramangalam Birla Corporate Governance Committee’. Most of the recommendations made by the Committee were accepted and implemented by SEBI in the year 2000. In recent years, the Narayana Murthy Committee and Naresh Chandra Committee were also set up by SEBI and the Government of India to recommend corporate governance practices for the Indian corporate sector.

Management Control and Differences in Disclosure Levels: The Indian Scenario, article examines, Indian companies, financial services, management control, classified, Public Sector, PSUs, Private Sector, subsidiaries, Multinational Companies, MNCs, Transparency, methodology, financial transparency, telecom, power and steel, participation, capital market, international trend, corporate governance, Confederation Indian Industry, CII, Securities Exchange Commission of India, SEBI, Birla Corporate Governance Committee, corporate sector.