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
RBI specifies ‘Related Party’ with respect to bank RBI has issued RBI Credit Risk Management Directions, 2025 defining ‘Related Party’…
Advisory on Filing Opt-In Declaration for Specified Premises, 2025 Dear Taxpayers, The relevant declarations issued vide Notification No. 05/2025 –…
FAQs for HSNS Cess Act, 2025 and HSNS Cess Rules, 2026 Q1. Who is required to get registered under the…
Refusing to condone delay can result in a meritorious matter thrown out at very threshold against case being decided on…
When prior period expenses are not admissible as deduction, following the same principle the prior period income also cannot be…
Supreme Court condoned delay of 972 days in filing appeal due to restructuring in Income Tax Department In a recent…