SEBI amends LODR Norms; relaxes the requirement of splitting roles of Chairperson and CEO
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- By Chetan Kulasri
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- Last Updated on 24 March, 2022
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Notification no. F. No. SEBI/ LAD-NRO/GN/2022/76, Dated: 22.03.2022
The SEBI has notified the SEBI (Listing Obligations and Disclosure Requirements)(Second Amendment) Regulations, 2022 whereby it has omitted Regulation 17(1B) of the SEBI LODR Regulations. Erstwhile Regulation 17(1B) required that w.e.f. April 01, 2022, all top 500 listed entities were required to ensure that Chairperson of the board of such listed entity shall –
(a) be a 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
Now, this requirement has been omitted by the SEBI. Now, it is voluntary on part of companies to separate the posts of Chairperson and the Managing Director or the Chief Executive Office.
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