Corporate governance reforms in India are at a crossroads. While the intentions behind the reforms are good, there is a need to look for holistic solutions that address country-specific challenges in the Indian context. To keep pace with developments at the international level, India has also introduced reforms to improve corporate, social and environmental disclosures. This paper examines the effectiveness of corporate governance reforms by analyzing the corporate governance practices of Indian companies in two reform periods (FY 2012-13 as first period) and (FY 2015-16 as second period). Taking into account the mandatory provisions under Section 49 of the listing agreement with the Securities and Exchange Board of India and the governance norms in the new Companies Act, 2013, the Corporate Governance Performance Index (CGP) has been developed to measure the corporate governance score of Indian companies. While there has been a significant improvement in the corporate governance structure of Indian companies, there has been a decline in the number of independent directors being added to the board of directors after the second period of reforms. In all areas surveyed, corporate governance practices improved significantly following the reforms. Corporate governance reforms have garnered significant attention in recent decades as policymakers, regulators, investors, and scholars seek to enhance transparency, accountability, and shareholder value within corporate entities. This abstract examines the impact of corporate governance reforms on shareholder value, focusing on key mechanisms and empirical evidence from diverse contexts. These reforms encompass a wide range of measures aimed at improving the governance structures, practices, and processes of corporations. These reforms often include initiatives such as board independence, executive compensation, shareholder rights, disclosure requirements, and regulatory oversight. The underlying rationale behind these reforms is to mitigate agency conflicts between shareholders and managers, align incentives, and enhance firm performance. Empirical evidence suggests a mixed impact of corporate governance reforms on shareholder value. While some studies find positive associations between stronger corporate governance practices and shareholder returns, others report inconclusive or even negative effects. The effectiveness of governance reforms in creating shareholder value depends on various factors, including the quality of implementation, regulatory enforcement, firm-specific characteristics, and external market conditions. One key mechanism through which corporate governance reforms influence shareholder value is through improved accountability and oversight. Enhanced board independence, effective monitoring mechanisms, and transparent disclosure practices can reduce agency costs, mitigate managerial risk-taking, and ultimately enhance shareholder returns. Similarly, reforms aimed at aligning executive compensation with firm performance can incentivize value-maximizing behaviors and align the interests of managers with those of shareholders. In conclusion, while corporate governance reforms have the potential to enhance shareholder value by improving accountability, transparency, and investor confidence, their effectiveness varies depending on various factors. Future research should continue to explore the nuanced relationships between corporate governance practices, firm performance, and shareholder value across different contexts to inform policymakers, regulators, and practitioners in designing and implementing effective governance reforms. This research paper examines the impact of corporate governance reforms on shareholder value, exploring mechanisms, empirical evidence, and contextual factors. It analyzes the effectiveness of governance practices in enhancing transparency, accountability, and investor confidence, providing insights for policymakers, regulators, and practitioners in optimizing corporate governance frameworks.