SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021

Last updated: 05 August 2021

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The Securities and Exchange Board of India (SEBI) has introduced the SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021. These amendments, effective from their publication date, bring several changes to the existing 2015 regulations. Key updates include modifications to the criteria for independent directors, changes in the composition and approval processes for board appointments, and enhanced requirements for audit committees and related party transactions. The amendments aim to strengthen corporate governance and disclosure standards for listed entities.

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 3rd August, 2021 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS ANDDISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) REGULATIONS, 2021 No. SEBI/LAD-NRO/GN/2021/35.-In exercise of the powers conferred by section 11, subsection (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 B

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FAQ :

These regulations come into force on the date of their publication in the Official Gazette.

The appointment, re-appointment, or removal of an independent director now requires approval from shareholders via a special resolution. Additionally, an independent director who resigns cannot be appointed as an executive or whole-time director in related companies for one year after resignation.

Yes, only independent directors who are members of the audit committee can now approve related party transactions.

Shareholder approval for the appointment of a person to the Board of Directors must be obtained at the next general meeting or within three months of the appointment, whichever is earlier.

Yes, the disclosure for resigning directors now includes a letter of resignation with detailed reasons and a list of other directorships held by the resigning director.

The period for assessing pecuniary relationships or transactions has been extended from two to three preceding financial years or the current financial year, with updated thresholds for certain relationships.

Notification No : No. SEBI/LAD-NRO/GN/2021/35
Source : https://www.sebi.gov.in/legal/regulations/aug-2021/securities-and-exchange-board-of-india-portfolio-managers-third-amendment-regulations-2021_51674.html

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