A Sebi-appointed panel is said to be looking into the merits/demerits of separating the posts of chairman and managing director of listed companies. It is also examining corporate governance practices at various Indian listed firms that have voluntarily split the two posts, as against those where the two posts are held by the same person who also happens to be from the promoter family in the majority of the cases. The panel is expected to submit its report to Sebi next month after which the regulator may take a final call and initiate a public consultation process before recommending the matter to the government for legislative action. The 21-member panel was constituted in June this year to advise the Sebi on corporate governance issues. It includes representatives from companies, stock exchanges, professional bodies, investor groups, law firms, academicians, research professionals, and Sebi officials.