January 14, 2020
Summary of Notification in SEBI (LODR) Regulations, 2015 issued on January 13, 2020 is detailed below:
1. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020:
SEBI (LODR) (Amendment) Regulations, 2018 modified Regulation 17 by including clause 1B which requires, from April 1, 2020, the top 500 listed entities to ensure “that the Chairperson of the Board of these companies shall be a non-executive director and she/he shall not be related to the Managing Director or the Chief Executive Officer.”
SEBI vide notification dated January 10, 2020 issued on January 13, 2020 has deferred this requirement by two years from April 1, 2020 to April 1, 2022.
Explanation – The top 500 entities shall be determined on the basis of market capitalisation, as at the end of the immediate previous financial year.