The Ministry of Corporate Affairs through notification dated 19th August, 2021 the Companies (Creation and Maintenance of databank of Independent Directors) Second Amendment Rules, 2021. The amendment provides that the Indian Institute of Corporate Affairs (IICA) shall within sixty days from the end of every financial year send an annual report to every individual whose name is included in the data bank and also to every company in which such individual is appointed as an independent director.
The amendment also prescribes the format to issue the Annual report.
