SEBI has notified the SEBI (LODR) Amendment Regulations, 2018 to amend the SEBI (LODR) Regulations, 2015 which, unless otherwise provided, shall come into force from April 1, 2019.

A number of recommendations of the Kotak Committee on Corporate Governance have been incorporated in the above Regulations.

The Amendment Regulations has amended, inter alia, definitions of ‘related party’, ‘independent director’; changes in board composition thereby introducing the concept of woman independent director; board committee regulations; increased the minimum number of directors on the board to six directors; emphasizes on gender diversity in the board along with disclosure of expertise/skills of directors; scope and eligibility criteria of independent directors; disclosures on board evaluation process etc.

May 15th, 2018