Sebi proposes overhaul of corp governance norms

ENS Economic Bureau : Mumbai, Sat Jan 05 2013, 01:14 hrs

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Sebi has proposed to exclude the nominee directors from the category of independent directors to align the provisions of Clause 49 with the bill. "The proposal to have minimum and maximum age for the independent director may be examined in light of the above," it said.

On electing a director from small shareholders, Sebi said, "Clause 151 of the Companies Bill has similar provision enabling a listed company to elect such small shareholders... This provision may be workable in Indian context and it may be explored as to whether listed companies beyond a market cap need to be mandated to have at least one small shareholder director."

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