Clause 49 Ii A Of The Sebi Listing Agreement Is Replaced By Sebi Regulations

SEBI contacted SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) on September 2, 2015. There was a 90-day deadline for the implementation of the regulations. However, two provisions of the regulations, which facilitate their character, were applicable with immediate effect, i.e. w.e.f.f. on 2 September 2015. These relate to (i) the adoption of an ordinary resolution rather than a specific regulation for all important transactions with related persons subject to the vote of such decisions, in accordance with the provisions of the Companies Act 2013 and (ii) to the reclassification of project proponents as public shareholders in different circumstances. Under the clause, no person can be an independent director of more than seven publicly traded companies. When a person is a full-time director of a publicly traded company, he or she is not the independent director of more than three listed companies. The company`s code of conduct must include the obligations of independent directors in accordance with the law.

An independent director is responsible for the actions of a company that occur to his or her knowledge or when an independent director does not respond attentively to the requirements of the listing agreement. (b) of all companies that have been required to meet the requirement of the proposed Clause 49 for review, i.e. all listed companies with a freed capital of 3 crores or more or a net asset of 25 kronor or more at any time in the company`s history. Companies are required to meet the requirements of the clause on March 31, 2004 or before March 31, 2004. [3] In accordance with the CIRCULAR SEBI no CIR/CFD/POLICY CELL/2/2014 of 17 April 2014; Parar4 “Applicability.” Available at: www.sebi.gov.in/cms/sebi_data/attachdocs/1397734478112.pdf, accessed 31.07.2016. These rules apply to the listed company that has listed one of the following designated securities on recognized exchanges: the need for ethical governance has been deemed necessary following recent events, particularly in the United States.