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SEBI modifies Clause 49 provisions

Special Correspondent

MUMBAI: The Securities and Exchange Board of India (SEBI) on Tuesday made modifications to the existing Clause 49 of the Listing Agreement by including certain provisions, mandatory as well as non-mandatory.

“If the non-executive Chairman is a promoter or is related to promoters or persons occupying management positions at the board level or at one level below the board, at least one-half of the board of the company should consist of independent directors,” SEBI stipulated among mandatory provisions.

It is mandatory to disclose relationships between directors, which would be made in specified documents and filings to stock exchanges. Among other mandatory provisions, SEBI stipulated that the gap between resignation or removal of an independent director and appointment of another independent director in his place should not exceed 180 days and the minimum age for independent directors would be 21 years. SEBI asked companies to ensure that the person who is being appointed as an independent director has the requisite qualifications and experience which would be of use to the company and which, in the opinion of the company, would enable him to contribute effectively to the company in his capacity as an independent director.

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