Corporate Governance Rating is the emerging phenomenon in the corporate world. The study evaluates the most popular corporate governance rating systems and aims to scrutinize their usefulness to shareholders and the public at large. The characteristics that has been examined are board structure and processes, board systems and procedures, board committees, transparency and disclosure, stakeholder claims satisfaction, investor relations and financial performance for sample listed companies and an attempt has been made to find out the predictors of corporate governance rating in different sectors i.e. Banking, Information Technology & Telecommunications, Engineering, Steel & Cement, Power, Petrochemicals, and Other (Pharmaceuticals, Real Estate and Construction, Finance and Investments) Sectors. The study also proposes to examine whether the corporate governance scores reflect corporate performance, leverage, growth, firms valuation, age of the organization. The analyses were carried out and finally conclusions has been drawn that the corporate governance rating is an efficient approach to corporate monitoring.