Abstract: Enterprise governance of information technology is a reasonably new-fangled concept in literature as a subset of corporate governance and is gaining attention from academicians and practitioner's around the globe. Enterprise governance of IT addresses the definition and implementation of processes, structures and relational mechanism that enable both business and IT people to execute their responsibilities in conformity with protection and creation of value from IT-enabled business investments and activities. In Indian context there has been scarcity of literate discoursing potential role of information technology as a mechanism to develop good corporate governance standards. The main purpose of the study is to explore prominence of IT governance and to analyze effectiveness of the widely used generic frameworks in Indian context and to elucidate major challenges confronting the deployment of IT governance and lastly to provide plausible suggestions which may aid in prosperous and sustainable deployment and development of IT governance in India.