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SEBI extended deadline by six months to appoint atleast one women director on board

Market regulator SEBI on 15 September 2014 extended deadline by six months to appoint atleast one women director on board.

Sep 16, 2014 17:40 IST
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Market regulator Securities Exchange Board of India (SEBI) on 15 September 2014 extended deadline by six months to appoint atleast one women director on board. SEBI has extended the deadline till 1 April 2015.

Earlier, all the listed companies were to have at least one woman director on the board by 1 October 2014.

SEBI has also simplified its norms dealing with related party transactions, which are now aligned with the Companies Act, 2013 and also the prevailing accounting standards.

As per the latest data, about half the companies listed on the National Stock Exchange (NSE) are yet to appoint a woman director despite it being mandatory under the Companies Act.

The revised SEBI norms also allowed audit committees of each company to have an umbrella resolution under which any related party transaction with a value of up to one crore rupees could be entered into without the audit committee approving it in a meeting.

As per the experts, the revised SEBI norms have also made it easier for transactions between the holding company and its wholly-owned companies, and also between two government companies.

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