Age-limit Criteria for Non-Executive Directors under Amended SEBI Listing Regulations: Prospective or Retrospective?

[Gaurav Pingle is a practising Company Secretary in Pune and can be reached at gp@csgauravpingle.com] Introduction On June 2 2017, the Securities and Exchange Board of India (‘SEBI’) constituted a committee under the chairmanship of Mr. Uday Kotak for improving the standards of corporate governance of listed companies in India. On October 5, 2017, Kotak Committee submitted its report to SEBI. The SEBI Board (in its meeting held on March 28, 2018) accepted several recommendations of the Committee without any modifications, whereas certain recommendations were accepted with modifications. The SEBI Board decided to refer certain recommendations to various agencies (i.e. the Government, other regulators, professional bodies, etc.). On May 9, 2018, SEBI amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’). Several provisions relating to independent directors have been…

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