The Ministry of Corporate Affairs vide notification dated 18 December, 2020 has passed the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020. The amendment provides that an individual shall not be required to pass the online proficiency self-assessment test when he has served for a total period of not less than three years as on the date of inclusion of his name in the data bank as a;
- Director or key managerial personnel, as on the date of inclusion of his name in the databank, in a listed public company, unlisted public company having a paid-up share capital of rupees ten crore or more, body corporate listed on any recognized stock exchange or in a country which is a member State of the Financial Action Task Force on Money Laundering and the regulator of the securities market in such member State is a member of the International Organization of Securities Commissions, bodies corporate incorporated outside India having a paid-up share capital of US$ 2 million or more, statutory corporations set up under an Act of Parliament or any State Legislature carrying on commercial activities;
- In the pay scale of Director or above in the Ministry of Corporate Affairs or the Ministry of Finance or Ministry of Commerce and Industry or the Ministry of Heavy Industries and Public Enterprises and having experience in handling the matters relating to corporate laws or securities laws or economic laws or
- In the pay scale of Chief General Manager or above in the Securities and Exchange Board or the Reserve Bank of India or the Insurance Regulatory and Development Authority of India or the Pension Fund Regulatory and Development Authority and having experience in handling the matters relating to corporate laws or securities laws or economic laws.
