In its board meeting of 25 March, 2021, SEBI took several important decisions, among others, to modify the framework for Innovators Growth Platform ; introduce new requirements for sustainability reporting by top 1000 listed entities; review of framework for reclassification of promoter / promoter group entities; and amendments to the Alternative Investment Funds Regulations, 2012, Listing Obligations and Disclosure Requirements Regulations, 2015, Portfolio Managers Regulations, 2020 and Delisting of Equity Shares Regulations, 2009.
Specifically, the following decisions were taken:
Risk Management Committees : requirement to constitute the RMC has been extended to the top 1000 listed entities by market capitalization instead of existing top 500 listed entities; the RMC shall have minimum three members with majority of them being members of the board of directors, including at least one independent director; the quorum for a meeting of the RMC shall be either two members or one third of the members of the committee, whichever is higher, including at least one member of the board of directors in attendance. The role of the RMC includes formulation of a detailed risk management policy and monitoring its implementation; periodic review of such policy; review of the appointment, removal and terms of remuneration of the Chief Risk Officer (if any), etc.
To refer to the SEBI press release dated 25 March, 2021, click here.
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