Dated May 09, 2018
Corporate Governance has been the buzzword for quite some time now. The Capital Markets Regulator, SEBI, has over the years made it amply clear that the listed entities have to go very strong on Governance provisions, with no scope for any fall outs.
With a view to strengthen the provisions, the Regulator formed the Committee on Corporate Governance under the Chairmanship of Mr. Uday Kotak (“Kotak Committee). The Committee submitted its detailed Report on October 05, 2017 w.r.t., suggesting varied changes required in the SEBI (LODR) Regulations, 2015 (“Regulations”) pertaining to Corporate Governance practices in Equity Listed Companies. Later, SEBI in its meeting held on March 28, 2018 accepted 40 recommendations without modification and 15 with modifications, while 8 were referred to governments and other departments, out of 80-odd recommendations made by the said committee.
Accordingly, vide amendment dated May 9, 2018 detailed changes have been promulgated in the Listing Regulations, not just pertaining to the Corporate Governance provisions but having much wider implications.
The said Amendments are effective in phases: few from current FY and few in next 2 FYs. Herein, we have attempted to draw a comparative of the extant provisions, the respective amendments and the applicability year on year: