This paper examines the evolution of corporate governance changes in India, their impact on business performance, and the implementation challenges they pose. India’s corporate governance reforms have reached a crossroads. Although the changes have noble intentions, it’s important to seek holistic solutions that address India’s unique difficulties. Corporate governance reforms have been implemented in recent years to increase openness and accountability in business activities, including stronger disclosure standards, board independence, and regulatory supervision. Corporate governance reforms strive to improve various practices and processes. Reforms typically involve board independence, executive compensation, shareholder rights, disclosure, and regulatory monitoring. The study explores the link between corporate governance reforms and their effects on business practices in modern corporate structures. Governance changes have been implemented around the world in recent decades to improve corporate transparency, accountability, and ethical conduct. This study will look at how such reforms affect managerial decisions, stakeholder relationships, financial performance, and overall corporate culture. Efforts to improve corporate governance procedures have increased in response to frequent scams and failures on the global corporate map. India has expanded its legal framework to line with industrialized countries’ corporate governance rules. However, achieving good governance and assuring results remains a major priority for stakeholders today. This study uses a descriptive qualitative approach to assess significant governance reforms, such as Clause 49, by reviewing relevant scholarly articles, industry reports, and regulatory documents.  The Companies Act of 2013 and the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations (2015) are both applicable. Although corporate governance in Indian corporations has improved, there has been a decrease in the number of independent directors appointed to boards since the second reform phase. Corporate governance improvements can improve shareholder value by increasing accountability, transparency, and investor confidence, but their effectiveness varies according on circumstances. This analysis examines how governance methods improve openness, accountability, and investor trust, offering valuable insights for policymakers, regulators, and practitioners to optimize corporate governance systems. The findings could help policymakers, regulators, and firms promote sustainable and transparent governance practices.