SEBI AMENDS CLAUSE 49

SEBI has made amendments to Clause 49 of the listing agreement that deals with corporate governance norms. The amendments have been made after representations from entities requested SEBI to bring about further clarity on the amendment (made on April 8) where the promoter of a listed company is a listed or an unlisted entity. According to SEBI, “If the promoter is a listed entity, its directors – other than the independent directors, its employees, or its nominees – shall be deemed to be related to it.” but, “if the promoter is an unlisted entity, its directors, employees or nominees shall be deemed to be related to it.”