There are essentially two lessons to be learnt from Maharashtra's

Corporate governance assessment is still in its infancy; it has been around only for the last three to four years. It is not and does not aim to be fool-proof in its predictive claim, as it has to rely necessarily on data as may be made available or shared voluntarily by insiders. Even though rating agencies cannot claim to have the kind of knowledge that an insider can have, CG assessment promises to emerge, if properly designed and developed, as a powerful tool not only for the investing community but also for all other groups interested in the healthy and sustained development of the capital market: financial intermediaries as well as the regulator and policy-makers. In order to widen the potential application of CG assessment and refine the methodologies in use by different agencies, extensive research will be needed to make it evolve and acceptable over time.