SEBI defers requirement of Chairperson of top 500 listed entities to be a non-executive director
Regulation 17(1B) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 requires that with effect from April 1, 2020, the top 500 listed entities shall ensure that the Chairperson of the board of such listed entity shall be a non-executive director and he/she is not be related to the Managing Director or the Chief Executive Officer as per the definition of the term “relative” defined under the Companies Act, 2013.
The SEBI has amended the Regulations to defer the above clause to April, 2022.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th January, 2020
No. SEBI/LAD-NRO/GN/2020-02.—In exercise of the powers conferred by section 11, sub-section (2) of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, namely:-
1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in regulation 17, in sub-regulation (1B), the number “2020” shall be substituted by the number “2022”.
[ADVT.-III/4/Exty./404/19]
AJAY TYAGI, Chairman
CIT Revision notice u/s 263 quashed as the Assessing Officer rightly taken DVO value of property sold as actual sale…
Extension of timeline for implementation of mandatory "Ship To GSTIN" and Voluntary Closure of E-Way Bill functionalities GSTN Advisory dated…
No protective addition required in the hand of a third party when additions have been confirmed in the hands of…
Limitation for filing application u/s 34 of Arbitration Act commence from date on which application u/s 33 is disposed of…
Case remanded as no finding was given whether cash payments disallowed u/s 40A(3) were covered by Rule 6DD under Income…
In case of investment in share capital, the source of investment may remain outside the control of the investee company.…