SEBI issues Consultation paper on Review of Regulatory Provisions related to Independent Directors on March, 01, 2021 for public comments. It is proposed that KMPs or employees of \promoter group companies, cannot be appointed as Independent Directors in the company, unless there has been a cooling-off period of 3 years. The said restriction shall also extend to relatives of such KMPs for the same period. The prescribed cooling-off period for eligibility condition shall be harmonized to 3 years.
The Consultation Paper is open for public comments till April 01, 2021.
