Corporate governance is an active area of research and public debate in the present context. India being one of the largest emerging markets in terms of the market capitalization with 20 million shareholders; it becomes absolutely necessary to protect their interests. In order to protect the large investor base, the Securities and Exchange Board of India (SEBI) has enforced a regulation requiring mandatory disclosure of information and a change in the corporate governance mechanisms of the listed companies vide Clause 49 of Listing Agreement. Hence an attempt has been made to investigate the mandatory and non-mandatory disclosures in Corporate Governance, under Clause 49 of the Listing Agreement, in specific reference to India. This study also provides an empirical validation of increase in corporate performance as a result of proper corporate governance practices.