Sebi proposes stricter rules on independent directors timesnownews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesnownews.com Daily Mail and Mail on Sunday newspapers.
By Abhirup Roy MUMBAI (Reuters) - India s market regulator proposed on Monday tighter eligibility and appointment rules for independent directors of listed companies, a move seen aimed at protecting minority investors. The Securities and Exchange Board of India (SEBI) proposed that if listed companies in India wish to appoint or remove independent directors they should require the dual approval of shareholders and a majority of the company s minority investors. If either of the requirements are not met, a new person will not be appointed and existing independent directors can t be removed, SEBI said in its proposal, which is open for public consultation until April 1.
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