SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020

Jan 14, 2020 | by Avantis RegTech Legal Research Team


The Securities and Exchange Board of India (SEBI) on January 10, 2020, notifies the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020 to further amend the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The amendments are made in Regulation 17(1B) related to “Board of Directors”. Under the amendment, it has been clarified that with effect from April 01, 2022, the top 500 listed entities shall ensure that the Chairperson of the board of such listed entity shall 

a) be an non-executive director; 

b) 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.

This sub-regulation shall not be applicable to the listed entities which do not have any identifiable promoters as per the shareholding pattern filed with stock exchanges.  The top 500 entities shall be determined on the basis of market capitalisation, as at the end of the immediate previous financial year.

This Notification shall come into force on the date of their publication in the Official Gazette that is January 13, 2020.

[Notification No. SEBI/LAD-NRO/GN/2020-02]


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.