The Securities and Exchange Board of India vide its notification dated 22nd March 2022 has published the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Amendment is brought under Schedule II, in PART E which deals with discretionary requirements in which clause D has been inserted as follows:
D. Separate posts of Chairperson and the Managing Director or the Chief Executive Officer :
The listed entity may appoint separate persons to the post of the Chairperson and the Managing Director or the Chief Executive Officer, such that the Chairperson shall –
(a) be a non-executive director; and
(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.
The listed entity may, at its discretion,comply with requirements as specified in Part E of Schedule II.
The listed entity shall submit a quarterly compliance report on corporate governance in the format as specified by the Board from time to time to the recognised stock exchange(s)within fifteen days from close of the quarter.
