**Report on Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Third Amendment Regulations, 2021**
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Third Amendment Regulations, 2021, as published in the Gazette of India on August 3, 2021. This amendment modifies the existing Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. Key changes include revisions to the criteria for independent directors, shareholder approval for director appointments, changes to committee composition requirements, approval of related party transactions, and modifications to independent director resignation and appointment rules. These amendments aim to strengthen corporate governance and enhance transparency for listed entities.
**2. Introduction:**
The purpose of this report is to provide a comprehensive overview of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Third Amendment Regulations, 2021, based solely on the text provided. The report identifies the key changes introduced by this amendment, its likely rationale, and potential impact on listed entities.
**3. Policy Overview:**
* **Original Policy:** The amendment modifies the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.
* **Core Objective(s):** As inferred from the text, the core objectives of the amendment are to enhance corporate governance standards, improve the independence and effectiveness of boards of directors, and strengthen the oversight of related party transactions within listed entities. The amendments also look to enhance transparency and disclosure requirements.
**4. Background and Rationale:**
The amendments likely aim to address perceived weaknesses or gaps in the existing regulations regarding board composition, independence of directors, and shareholder oversight. The provided text suggests a need for stricter criteria for determining director independence and enhanced shareholder control over director appointments. Changes to requirements for independent director appointments suggest a need to improve the skills, knowledge, and diversity on the board. Revisions related to resignations are included to limit potential conflicts of interest.
**5. Key Provisions / Changes:**
This section details the key changes introduced by the Third Amendment Regulations, 2021:
* **Regulation 16 (Independent Directors):**
* *Change:* Subclause iv is modified. The look-back period for evaluating pecuniary relationships impacting director independence is extended from "two" to "three" years.
* *New Rule:* The word "two" shall be substituted by the word "three" when referring to the period that is used to determine whether an individual is considered independent.
* *Effect:* Expands the timeframe considered when evaluating the independence of a director based on prior relationships.
* *Change:* Subclause v is replaced, redefining criteria for director independence.
* *New Rule:* Independence is compromised if the director: (A) holds securities exceeding specified values in the listed entity or related companies over the past three years or current year; (B) is indebted to the listed entity, its holding, subsidiary or associate company or their promoters or directors, in excess of such amount as may be specified during the three immediately preceding financial years or during the current financial year; (C) has provided guarantees or security for third-party debts to the listed entity or related parties; (D) has other pecuniary transactions exceeding 2% of gross turnover/total income. There is a proviso that the pecuniary relationship or transaction with the listed entity, its holding, subsidiary or associate company or their promoters, or directors in relation to points A to D above shall not exceed two percent of its gross turnover or total income or fifty lakh rupees or such higher amount as may be specified from time to time, whichever is lower.
* *Effect:* Introduces more specific, detailed, and stringent criteria for determining director independence related to financial interests, indebtedness, and guarantees.
* *Change:* Subclause vi is modified regarding relatives of directors.
* *New Rule:* (i) the symbol and word “herself” shall be inserted after the word “himself” and before the symbol and word “, nor.”, (ii) after the words "associate company" and before the words "in any", the words "or any company belonging to the promoter group of the listed entity, shall be inserted. (iii) A new proviso is inserted, stating that in the case of a relative who is an employee other than key managerial personnel, the restriction under this clause shall not apply for his or her employment.
* *Effect:* This clarifies potential conflicts regarding the employment of relatives who are not key management and broadens the definition of relatives that could affect independence.
* **Regulation 17 (Board of Directors):**
* *Change:* A new subregulation 1C is added, requiring shareholder approval for director appointments.
* *New Rule:* Listed entities must obtain shareholder approval for any director appointment at the next general meeting or within three months, whichever is earlier.
* *Effect:* Increases shareholder oversight of board appointments.
* **Regulation 18 (Audit Committee):**
* *Change:* At the beginning of clause b, the words "At least" shall be inserted before the words "twothirds."
* *New Rule:* N/A. Clarifies that the regulations specifies minimum of 2/3rds.
* *Effect:* Clarifies minimum requirement of 2/3 independent directors on audit committee.
* **Regulation 19 (Nomination and Remuneration Committee):**
* *Change:* In clause c, the words “fifty percent” shall be substituted by the words “twothirds.”
* *New Rule:* Nomination and Remuneration Committee requires 2/3 independent directors.
* *Effect:* Strengthens the independence requirements for the nomination and remuneration committee.
* *Change:* Clause c's specification regarding entities having SR equity shares are omitted.
* *New Rule:* N/A. Omits a previous provision.
* *Effect:* Creates consistent rules regardless of equity share structure.
* **Regulation 23 (Related Party Transactions):**
* *Change:* A new proviso is added under subregulation 2.
* *New Rule:* Only independent directors on the audit committee can approve related party transactions.
* *Effect:* Prevents potential conflicts of interest by ensuring independent review of related party transactions.
* **Regulation 25 (Independent Directors):**
* *Change:* A new subregulation 2A is added.
* *New Rule:* Appointment, reappointment, or removal of an independent director requires shareholder approval via special resolution.
* *Effect:* Strengthens shareholder control over the composition of the board and provides additional oversight over the independence of directors.
* *Change:* Subregulation 6 is modified regarding timelines for filling vacancies of independent directors.
* *New Rule:* Omission of "the immediate next meeting of the board of directors or appearing after the words later than the and before the words three months" and "whichever is later appearing after the words such vacancy and before the proviso"
* *Effect:* Timeline to fill a vacant position will be three months.
* *Change:* Subregulation 10 is modified regarding the database of independent directors.
* *New Rule:* Update the required date from October 1, 2018 to January 1, 2022, and the number of companies impacted from 500 to 1000.
* *Effect:* Updates and expands the database to make the independent director pool more representative.
* *Change:* A new subregulation 11 is added.
* *New Rule:* Independent directors cannot be appointed as executive/whole-time directors in the listed entity or related companies within one year of their resignation as an independent director.
* *Effect:* Reduces potential conflicts of interest and provides an incentive for those appointed to not be biased toward future career positions.
* **Regulation 36 (Director's Disclosure):**
* *Change:* Subregulation 3 is modified to require new disclosures in Clause d and add Clause f.
* *New Rule:* Clause d expands required disclosure to include the listed entities from which a potential board member has resigned from in the past three years. Clause f adds the requirement for the disclosure of the skills and capabilities required for the role and the manner in which the proposed person meets such requirements.
* *Effect:* Increases transparency about potential conflicts.
* **Schedule II (Nomination and Remuneration Committee):**
* *Change:* A new subclause 1A is added in Part D, requiring evaluation of skills/knowledge and preparation of role descriptions.
* *New Rule:* Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge, and experience on the Board and prepare a description of the role and capabilities required of an independent director.
* *Effect:* Promotes more focused and strategic director selection processes.
* **Schedule III (Resignation Disclosure):**
* *Change:* Subclause i and iii are modified and new subclause ia is added in Part A.
* *New Rule:* Subclause i adds requirement for "the letter of resignation along with" and omits specified requirements. Subclause ia is added, requiring name of listed entities in which the resigning director holds directorships to be disclosed. Subclause iii states the the "detailed reasons" for resignation shall be substituted by "disclosures."
* *Effect:* Enhances transparency regarding director resignations, including reasons and other board positions held by the resigning director.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders affected by these amendments are:
* Listed entities in India
* Boards of directors of listed entities (specifically, independent directors)
* Shareholders of listed entities
* Nomination and Remuneration Committees
* Audit Committees
* Securities and Exchange Board of India (SEBI)
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the responsible regulatory body for enforcing these regulations. Listed entities are responsible for ensuring compliance. The Nomination and Remuneration Committee and the Audit Committee play key roles in implementing aspects related to director selection, appointment, and oversight of related party transactions.
* **Timelines/Procedures:** Several changes specify immediate effect upon publication in the Official Gazette (August 3, 2021). The requirement for shareholder approval of director appointments specifies a deadline of the next general meeting or within three months. Implementation of independent director data base update is to occur by January 1, 2022.
**8. Expected Outcomes / Impact of Changes:**
The intended outcomes of these amendments are likely to include:
* Improved corporate governance practices in listed entities.
* Greater independence and effectiveness of boards of directors.
* Enhanced shareholder oversight of board decisions, especially regarding director appointments and related party transactions.
* Increased transparency in director selection processes and disclosures related to resignations.
* Reduced potential for conflicts of interest within listed entities.
* More effective oversight of related party transactions.
**9. Conclusion:**
The SEBI Listing Obligations and Disclosure Requirements Third Amendment Regulations, 2021, represent a significant step toward strengthening corporate governance and enhancing transparency in Indian listed entities. The changes introduced by this amendment, particularly those related to director independence, shareholder oversight, and related party transactions, are likely to have a positive impact on the functioning of boards and the protection of shareholder interests.
Key Entities Referenced
New Delhi: Location of publication of the gazette notification.
Securities and Exchange Board of India: Regulatory body issuing the notification.
Securities and Exchange Board of India Act, 1992: Act under which the powers are conferred to SEBI for these regulations.
Securities Contracts Regulation Act, 1956: Act mentioned along with SEBI Act as the basis for the regulations.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: Regulations being amended by this notification.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Third Amendment Regulations, 2021: Title of the current amendment regulations.
Board of Directors: Governing body of a listed entity, mentioned in the context of appointment of directors and evaluation of skills.
Nomination and Remuneration Committee: Committee responsible for evaluating and recommending candidates for independent directors.
Audit Committee: Committee responsible for approving related party transactions.
Ajay Tyagi: Chairman of SEBI.
Government of India Press, Ring Road, Mayapuri, New Delhi 110064: Printing location.
Controller of Publications, Delhi 110054: Publisher location.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-03082021-228705
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CG-MH-E-03082021-228705
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असाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 315] िई ददल्ली, मगं लिार, अगस्ट्त 3, 2021/श्रािण 12, 1943
No. 315] NEW DELHI, TUESDAY, AUGUST 3, 2021/SHRAVANA 12, 1943
भारतीय प्रजतभूजत और जिजिमय बोडड
अजधसचू िा
मुम्बई, 3 अगस्ट् त, 2021
भारतीय प्रजतभूजत और जिजिमय बोडड
[सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2021
सं. सेबी/एलएडी-एिआरओ/िीएि/2021/35.—बोडड, प्रजतभूजत संजिदा (जिजियमि) अजधजियम, 1956 (1956
का 42) की धारा 31 के साथ पठित भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा
11, धारा 11क की उप-धारा (2) तथा धारा 30 द्वारा प्रदाि की गई िजियों का प्रयोग करते हुए, एतद्द्वारा भारतीय
प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] जिजियम, 2015 का और
संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत्:-
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ]
(तीसरा संिोधि) जिजियम, 2021 कहा िा सकेगा ।
2. िे रािपत्र में उिके प्रकािि की तारीख को लागू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] जिजियम, 2015 में,-
I. जिजियम 16 में, उप-जिजियम (1) में, खंड (ख) में,-
4278 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
क. उप-खंड (iv) में, िब्दों “िीक पहले के” के पश्चात् और िब्दों “जित्तीय िर्षों के दौराि” से पूिड, ददया हुआ
िब्द “दो”, िब्द “तीि” से प्रजतस्ट्थाजपत हो िाएगा ।
ख. उप-खंड (v) जिम्नजलजखत से प्रजतस्ट्थाजपत हो िाएगा, अथाडत्,-
“(v) जिसके दकसी भी िातेदार –
(क) के पास, िीक पहले के तीि जित्तीय िर्षों के दौराि या चालू जित्तीय िर्षड के दौराि सूचीबद्ध
(जलजस्ट्टड) एंठटटी, उसकी जियंत्री (धाठरता / होसल्डंग), उसकी समिुर्षंगी (सजब्सजडयरी) या
सहयोगी (सहयुि / असोजसएट) कंपिी की पचास लाख रुपये से अजधक के अंदकत मूल्य (फेस
िैल्यू) की प्रजतभूजतयाँ (जसक्यूठरटीज़) ि हों अथिा सूचीबद्ध (जलजस्ट्टड) एंठटटी, उसकी जियंत्री
(धाठरता / होसल्डंग), उसकी समिुर्षंगी (सजब्सजडयरी) या सहयोगी (सहयुि / असोजसएट) कंपिी
में सूचीबद्ध (जलजस्ट्टड) एंठटटी, उसकी जियंत्री (धाठरता / होसल्डंग), उसकी समिुर्षंगी
(सजब्सजडयरी) या सहयोगी (सहयुि / असोजसएट) कंपिी की समादत्त पूँिी (पेड-अप कैजपटल) के
दो प्रजतित से अजधक का जहत ि हो अथिा उससे अजधक की प्रजतभूजतयाँ या का जहत ि हो, िैसा
जिधाडठरत दकया िाए;
(ख) ि,े िीक पहले के तीि जित्तीय िर्षों के दौराि या चालू जित्तीय िर्षड के दौराि सूचीबद्ध
(जलजस्ट्टड) एंठटटी, उसकी जियंत्री (धाठरता / होसल्डंग), उसकी समिुर्षंगी (सजब्सजडयरी) या
सहयोगी (सहयुि / असोजसएट) कंपिी से अथिा उिके संप्रितडकों (प्रोमोटसड) या जिदिे कों से,
यथा जिधाडठरत रकम से ज्यादा का ऋण ि जलया हुआ हो;
(ग) ि,े िीक पहले के तीि जित्तीय िर्षों के दौराि या चालू जित्तीय िर्षड के दौराि दकसी अन्य
व्यजि के ऋण के संबंध में सूचीबद्ध (जलजस्ट्टड) एंठटटी, उसकी जियंत्री (धाठरता / होसल्डंग), उसकी
समिुर्षंगी (सजब्सजडयरी) या सहयोगी (सहयुि / असोजसएट) कंपिी को अथिा उिके संप्रितडकों
(प्रोमोटसड) या जिदिे कों को ि तो यथा जिधाडठरत रकम से अजधक की कोई गारंटी दी हो और ि ही
उिके पास यथा जिधाडठरत रकम से अजधक की कोई िमाित (जसक्यूठरटी) रखी हो;
(घ) का सूचीबद्ध (जलजस्ट्टड) एंठटटी, उसकी जियंत्री (धाठरता / होसल्डंग), उसकी समिुर्षंगी
(सजब्सजडयरी) या सहयोगी (सहयुि / असोजसएट) कंपिी के साथ दकसी अन्य प्रकार का ऐसा
आर्थडक (धिीय) संबंध ि हो अथिा उिके साथ दकसी अन्य प्रकार का ऐसा लेिदिे (रांिेक्िि) ि
हुआ हो, िो उसके कुल व्यापाराितड (टिडओिर) या उसकी कुल आय के दो प्रजतित या उससे
ज्यादा का हो:
परंतु यह दक ऊपर क्रम सं. (क) से (घ) के अंतगडत सूचीबद्ध (जलजस्ट्टड) एंठटटी, उसकी जियंत्री
(धाठरता / होसल्डंग), उसकी समिुर्षंगी (सजब्सजडयरी) या सहयोगी (सहयुि / असोजसएट) कंपिी
अथिा उिके संप्रितडकों या जिदिे कों के साथ जिस आर्थडक (धिीय) संबंध या लेिदिे (रांिेक्िि)
का उल्लेख दकया गया ह,ै िह उसके कुल व्यापाराितड (टिडओिर) या उसकी कुल आय के दो
प्रजतित अथिा पचास लाख रुपये या समय-समय पर यथा जिधाडठरत दकसी अजधक रकम, िो भी
इिमें से सबसे कम हो, से ज्यादा ि हो ।”
ग. उप-खंड (vi) में, -
i. िब्दों “और ि ही उसका” के पश्चात् और जचह्िों तथा िब्द “(उसके)” से पूिड, जचह्ि तथा िब्द
“/ उसकी” अंतःस्ट्थाजपत दकए िाएंगे ।
ii. क्रम सं. (क) जिम्नजलजखत से प्रजतस्ट्थाजपत हो िाएगा, अथाडत्,-
“(क) जिस जित्तीय िर्षड में उसे जियुि दकए िािे का प्रस्ट्ताि रखा गया हो, उससे िीक पहले के
तीि जित्तीय िर्षों में से दकसी जित्तीय िर्षड में सूचीबद्ध (जलजस्ट्टड) एंठटटी या उसकी जियंत्री
(धाठरता / होसल्डंग), उसकी समिुर्षंगी (सजब्सजडयरी) या सहयोगी (सहयुि / असोजसएट)
कंपिी अथिा सूचीबद्ध एंठटटी के संप्रितडक समूह (प्रोमोटर ग्रुप) की दकसी कंपिी के प्रबंध-
मंडल का मुख्य व्यजि (मुख्य प्रबंधकीय कार्मडक) हो या रहा हो अथिा का कमडचारी हो या रहा
हो:[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
परंतु यह दक यदद िातेदार प्रबंध-मंडल के मुख्य व्यजि से जभन्न कोई कमडचारी हो, तो इस खंड
के तहत लगाई गई पाबंदी उसकी जियुजि पर लागू िहीं होगी ।”
II. जिजियम 17 में, उप-जिजियम (1ख) के पश्चात्, एक िया उप-जिजियम (1ग) अंतःस्ट्थाजपत दकया िाएगा, अथाडत्,-
“(1ग) सूचीबद्ध (जलजस्ट्टड) एंठटटी यह सुजिजश्चत करेगी दक जिदिे क मंडल (जिदिे क बोडड / बोडड ऑफ डायरेक्टसड)
में दकसी व्यजि को जियुि दकए िािे के संबंध में, अगली साधारण बैिक में या जियुजि दकए िािे की तारीख से
तीि महीिों की समयािजध के भीतर (िो भी पहले हो), िेयरधारकों की मंिूरी ले ली िाए ।”
III. जिजियम 18 में, उप-जिजियम (1) में, खंड (ख) में, िब्दों “लेखापरीक्षा सजमजत के सदस्ट्यों में से” के पश्चात् और
िब्दों तथा जचह्ि “दो-जतहाई सदस्ट्य” से पूिड, िब्द “कम से कम” अंतःस्ट्थाजपत दकए िाएंगे ।
IV. जिजियम 19 में, उप-जिजियम (1) में, खंड (ग) जिम्नजलजखत से प्रजतस्ट्थाजपत हो िाएगा, अथाडत्,-
“(ग) जिदिे कों में से कम से कम दो-जतहाई जिदिे क स्ट्ितंत्र जिदिे क होंगे ।”
V. जिजियम 23 में, उप-जिजियम (2) में, एक िया परंतुक अंतःस्ट्थाजपत दकया िाएगा, अथाडत्,-
“परंतु यह दक लेखापरीक्षा सजमजत (ऑजडट कमेटी) के िो सदस्ट्य स्ट्ितंत्र जिदिे क हों, केिल िही सदस्ट्य संबद्ध
पक्षकार संव्यिहारों (ठरलेटेड पाटी रांिेक्िि) को मंिूरी प्रदाि करेंगे ।”
VI. जिजियम 25 में,-
क. उप-जिजियम (2) के पश्चात्, एक िया उप-जिजियम (2क) अंतःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“(2क) सूचीबद्ध (जलजस्ट्टड) एंठटटी के दकसी स्ट्ितंत्र जिदिे क को जियुि दकए िािे, को दफर से जियुि दकए
िािे या उसे हटाए िािे के संबंध में िेयरधारकों की मंिूरी [जििेर्ष संकल्प (स्ट्पेिल रेज़ोल्यूिि) के माध्यम
से] लेिी होगी ।”
ख. उप-जिजियम (6) जिम्नजलजखत से प्रजतस्ट्थाजपत हो िाएगा, अथाडत्,-
“(6) िो स्ट्ितंत्र जिदिे क सूचीबद्ध (जलजस्ट्टड) एंठटटी के जिदिे क मंडल (जिदिे क बोडड) से त्यागपत्र द े दते ा ह ै
या जिसे सूचीबद्ध एंठटटी के जिदिे क मंडल से हटा ददया िाता ह,ै उस स्ट्ितंत्र जिदिे क के स्ट्थाि पर सूचीबद्ध
एंठटटी द्वारा िया स्ट्ितंत्र जिदिे क, िल्द से िल्द ककंतु इस प्रकार पद ठरि होिे की तारीख से तीि महीिों के
भीतर, लाया िाएगा:
परंतु यह दक िहाँ सूचीबद्ध एंठटटी अपिे जिदिे क मंडल में स्ट्ितंत्र जिदिे कों संबंधी अपेक्षा को, इस प्रकार
त्यागपत्र ददए िािे या इस प्रकार हटाए िािे से हुए ठरि पद को भरे जबिा, पूरा करती हो, िहाँ िए स्ट्ितंत्र
जिदिे क को लाए िािे की अपेक्षा लागू िहीं होगी ।”
ग. उप-जिजियम (10) जिम्नजलजखत से प्रजतस्ट्थाजपत हो िाएगा, अथाडत्,-
“(10) 1 िििरी, 2022 से, जपछले जित्तीय िर्षड की 31 माचड तक की जस्ट्थजत के अिुसार बािार पूँिीकरण
(माकेट कैजपटलाइज़ेिि) के आधार पर िीर्षड 1000 सूचीबद्ध एंठटठटयाँ, अपिे सभी स्ट्ितंत्र जिदिे कों हते ु
‘जिदिे कों और अजधकाठरयों का बीमा’ (‘डी एिं ओ बीमा’) [उतिी रकम का और उतिे िोजखमों का िैसा
उसके जिदिे क मंडल द्वारा तय दकया िाए] करिाएँगी ।”
घ. उप-जिजियम (10) के पश्चात्, एक िया उप-जिजियम (11) अंतःस्ट्थाजपत दकया िाएगा, अथाडत्,-
“(11) िो स्ट्ितंत्र जिदिे क सूचीबद्ध एंठटटी से त्यागपत्र द े द,े ऐसे दकसी भी स्ट्ितंत्र जिदिे क को उस सूचीबद्ध
एंठटटी, उसकी जियंत्री (धाठरता / होसल्डंग), उसकी समिुर्षंगी (सजब्सजडयरी) या सहयोगी (सहयुि /
असोजसएट) कंपिी के बोडड में या उसके संप्रितडक समूह (प्रोमोटर ग्रुप) की दकसी कंपिी के बोडड में कायडपालक
जिदिे क (एजजज़क्यूठटि डायरेक्टर) / पूणडकाजलक जिदिे क के रूप में तब तक जियुि िहीं दकया िाएगा, िब
तक दक स्ट्ितंत्र जिदिे क के पद से त्यागपत्र ददए िािे की तारीख से एक िर्षड की अिजध ि बीत िाए ।”
VII. जिजियम 36 में, उप-जिजियम (3) में,-
क. खंड (घ) में, िब्दों “धारण करता हो” के पश्चात्, िब्द तथा जचह्ि “और साथ ही उि सूचीबद्ध एंठटठटयों के
भी िाम, िहाँ से उस व्यजि िे जपछले तीि िर्षों में त्यागपत्र ददया हो” अंतःस्ट्थाजपत दकए िाएंगे;4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
ख. खंड (ङ) के पश्चात्, एक िया खंड (च) अंतःस्ट्थाजपत दकया िाएगा, अथाडत्,-
“(च) स्ट्ितंत्र जिदिे क दकस प्रकार से कुिल, योजय ि सक्षम होिे चाजहए, और साथ ही यह भी दक जिस व्यजि
के िाम का प्रस्ट्ताि रखा िा रहा ह ैिह दकस तरह से इि अपेक्षाओं पर खरा उतरता ह ै।”
VIII. अिुसूची-II में, भाग-घ में, पैरा-क में, खंड (1) के पश्चात्, एक िया उप-खंड (1क) अंतःस्ट्थाजपत दकया िाएगा,
अथाडत्,-
“(1क) स्ट्ितंत्र जिदिे क की प्रत्येक जियुजि के जलए, िामांकि और पाठरश्रजमक सजमजत यह आकलि करेगी दक
अलग-अलग कुिलता, ज्ञाि तथा अिुभि रखिे िाले व्यजि बोडड में हों, और ऐसे आकलि के आधार पर एक
ब्यौरा तैयार करेगी जिसमें यह जिक्र हो दक स्ट्ितंत्र जिदिे क की क्या भूजमका होगी और िह दकस प्रकार से योजय
ि सक्षम होगा । स्ट्ितंत्र जिदिे क के रूप में जियुि दकए िािे हते ु बोडड को जिस व्यजि की जसफाठरि की िाए,
उसमें िे क्षमताएँ हों जििका जिक्र उपरोिािुसार ददए गए ब्यौरे में दकया गया हो । उपयुि उम्मीदिारों की
पहचाि करिे के जलए, सजमजत:
क. यदद िरूरी हो, तो बाहरी एिेंजसयों की सेिाएँ ले सकेगी;
ख. अलग-अलग कायड-क्षेत्रों के उम्मीदिारों पर जिचार कर सकेगी, तादक सभी तरह के व्यजि बोडड में हों; और
ग. इस बात पर भी जिचार कर सकेगी दक उम्मीदिार दकतिा समय द ेपाएँगे ।”
IX. अिुसूची-III में, भाग-क में, पैरा-क में, खंड (7ख) में,-
क. उप-खंड (i) जिम्नजलजखत से प्रजतस्ट्थाजपत हो िाएगा, अथाडत्,-
“(i) त्यागपत्र के साथ-साथ त्यागपत्र के कारण (जििका उल्लेख उि जिदिे क िे दकया हो) ।”
ख. उप-खंड (i) के पश्चात्, एक िया उप-खंड (iक) अंतःस्ट्थाजपत दकया िाएगा, अथाडत्,-
“(iक) उि सूचीबद्ध एंठटठटयों के िाम, िहाँ त्यागपत्र दिे े िाले जिदिे क िे जिदिे क-पद धारण दकया हुआ हो,
यह बताते हुए दक उसिे बोडड की सजमजतयों में दकस प्रकार का जिदिे क-पद (यदद कोई हो) धारण दकया हुआ
ह ैऔर िह बोडड की दकि-दकि सजमजतयों में सदस्ट्य (यदद कोई हो) ह ै।”
ग. उप-खंड (iii) जिम्नजलजखत से प्रजतस्ट्थाजपत हो िाएगा, अथाडत्,-
“(iii) उपरोिािुसार स्ट्ितंत्र जिदिे क द्वारा ददया गया पुष्टीकरण भी सूचीबद्ध एंठटठटयों द्वारा स्ट्टकक एक्सचेंिों
को ददया िाएगा और साथ ही िे प्रकटीकरण (जडस्ट्क्लोज़र) भी दकए िाएँगे जििका उल्लेख ऊपर उप-खंड
(i) एिं उप-खंड (ii) में दकया गया ह ै।”
अिय त्यागी, अध्यक्ष
[जिज्ञापि III/4/असा./180/2021-22]
पाद ठटप्पण :
1. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] जिजियम,
2015, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2015-16/013, 2 जसतम्बर 2015 को भारत के
रािपत्र में प्रकाजित हुए थ े ।
2. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] जिजियम,
2015 तत्पश्चात् :
क) 22 ददसम्बर, 2015 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2015, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2015-16/027, द्वारा
ख) 25 मई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2016, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2016-17/001, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
ग) 8 िुलाई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2016, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2016-17/008, द्वारा
घ) 4 िििरी, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2016, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2016-17/025, द्वारा
ङ) 15 फरिरी, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2017, अजधसूचिा सं.
सेबी/एल.ए.डी./एि.आर.ओ./िी.एि./2016-17/29, द्वारा
च) 6 माचड, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भुगताि और भुगताि का माध्यम)
(संिोधि) जिजियम, 2017, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/037
[तारीख 29 माचड, 2017 को अजधसूजचत भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भुगताि और
भुगताि का माध्यम) (संिोधि) जिजियम, 2017, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2016-17/038 के साथ पठित], द्वारा
छ) 9 मई, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (संिोधि) जिजियम, 2018, अजधसूचिा सं. एसईबीआई/एलएडी-एिआरओ/िीएि/2018/10,
द्वारा
ि) 30 मई, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2018/13, द्वारा
झ) 1 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2018/21, द्वारा
ञ) 8 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2018/24, द्वारा
ट) 6 जसतम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2018/30, द्वारा
ि) 16 ििम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (छिा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2018/47, द्वारा
ड) 29 माचड, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी एल.ए.डी.-
एि.आर.ओ./िी.एि./2019/07, द्वारा
ढ) 7 मई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2019/12, द्वारा
ण) 27 िूि, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2019, अजधसचू िा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2019/22, द्वारा6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
त) 29 िुलाई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एलएडी-
एिआरओ/िीएि/2019/28, द्वारा
थ) 26 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2019/45, द्वारा
द) 10 िििरी, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2020/02, द्वारा
ध) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेजयूलेटरी सैंडबकक्स) (संिोधि) जिजियम,
2020, सं. सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
ि) 5 अगस्ट्त, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2020/25, द्वारा
प) 8 अिूबर, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2020/33, द्वारा
फ) 8 िििरी, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और
प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2021/02, द्वारा
ब) 5 मई, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2021/22, द्वारा संिोजधत हुए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 3rd August, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/35.—In exercise of the powers conferred by section 11, sub-
section (2) of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of
1992) read with section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board
hereby makes the following regulations to further amend the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, namely:-
1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Third Amendment) Regulations, 2021.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015,—
I. In regulation 16, in sub-regulation (1), in clause (b),—[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7
a. in sub-clause (iv), after the words “during the” and before the word “immediately”, the
word “two” shall be substituted by the word “three”.
b. in sub-clause (v) the words and symbols “has or had pecuniary relationship or
transaction with the listed entity, its holding, subsidiary or associate company, or their
promoters, or directors, amounting to two per cent. or more of its gross turnover or total
income or fifty lakh rupees or such higher amount as may be prescribed from time to
time, whichever is lower, during the two immediately preceding financial years or
during the current financial year” shall be substituted with the following namely:—
“—(A) is holding securities of or interest in the listed entity, its holding, subsidiary
or associate company during the three immediately preceding financial years or
during the current financial year of face value in excess of fifty lakh rupees or two
percent of the paid-up capital of the listed entity, its holding, subsidiary or
associate company, respectively, or such higher sum as may be specified;
(B) is indebted to the listed entity, its holding, subsidiary or associate company or
their promoters or directors, in excess of such amount as may be specified during
the three immediately preceding financial years or during the current financial
year;
(C) has given a guarantee or provided any security in connection with the
indebtedness of any third person to the listed entity, its holding, subsidiary or
associate company or their promoters or directors, for such amount as may be
specified during the three immediately preceding financial years or during the
current financial year; or
(D) has any other pecuniary transaction or relationship with the listed entity, its
holding, subsidiary or associate company amounting to two percent or more of its
gross turnover or total income:
Provided that the pecuniary relationship or transaction with the listed entity, its
holding, subsidiary or associate company or their promoters, or directors in
relation to points (A) to (D) above shall not exceed two percent of its gross
turnover or total income or fifty lakh rupees or such higher amount as may be
specified from time to time, whichever is lower.”
c. In sub-clause (vi),—
i. the symbol and word “/herself” shall be inserted after the word “himself” and
before the symbol and word “, nor”.
ii. in point (A), after the words “associate company” and before the words “in
any”, the words and symbols “or any company belonging to the promoter
group of the listed entity,” shall be inserted.
iii. under the point (A), a new proviso shall be inserted namely:—
“Provided that in case of a relative, who is an employee other than key
managerial personnel, the restriction under this clause shall not apply for
his / her employment.”
II. In regulation 17, after sub-regulation (1B), a new sub-regulation (1C) shall be inserted
namely:—8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“(1C). The listed entity shall ensure that approval of shareholders for appointment of a
person on the Board of Directors is taken at the next general meeting or within a time
period of three months from the date of appointment, whichever is earlier.”
III. In regulation 18, in sub-regulation (1), at the beginning of clause (b), the words “At least”
shall be inserted before the words “two-thirds”.
IV. In regulation 19, in sub-regulation (1), in clause (c),—
a. the words “fifty percent” shall be substituted by the words “two-thirds”.
b. the symbols and words “[and in case of a listed entity having outstanding SR equity
shares, two thirds of the nomination and remuneration committee shall comprise of
independent directors]” shall be omitted.
V. In regulation 23, under sub-regulation (2), a new proviso shall be inserted namely:—
“Provided that only those members of the audit committee, who are independent
directors, shall approve related party transactions.”
VI. In regulation 25,—
a. after sub-regulation (2), a new sub-regulation (2A) shall be inserted namely:—
“(2A). The appointment, re-appointment or removal of an independent director
of a listed entity, shall be subject to the approval of shareholders by way of a
special resolution.”
b. in sub-regulation (6),—
i. the words “the immediate next meeting of the board of directors or”
appearing after the words “later than the” and before the words “three
months” shall be omitted.
ii. the symbol and words “, whichever is later” appearing after the words
“such vacancy” and before the proviso shall be omitted.
c. in sub-regulation (10), the word, numbers and symbol “October 1, 2018“ shall be
substituted with the word, numbers and symbol “January 1, 2022” and the number
“500” shall be substituted with the number “1000”.
d. after sub-regulation (10), a new sub-regulation (11) shall be inserted namely:—
“(11). No independent director, who resigns from a listed entity, shall be
appointed as an executive / whole time director on the board of the listed entity,
its holding, subsidiary or associate company or on the board of a company
belonging to its promoter group, unless a period of one year has elapsed from the
date of resignation as an independent director.”
VII. In regulation 36, in sub-regulation (3),—
a. in clause (d), after the words “the board”, the words “along with listed entities from
which the person has resigned in the past three years” shall be inserted.
b. after clause (e), a new clause (f) shall be inserted namely:—
“(f). In case of independent directors, the skills and capabilities required for the
role and the manner in which the proposed person meets such requirements.”
VIII. In Schedule II, in Part D, in Para A, after clause (1), a new sub-clause (1A) shall be
inserted namely:—[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 9
“(1A). For every appointment of an independent director, the Nomination and
Remuneration Committee shall evaluate the balance of skills, knowledge and
experience on the Board and on the basis of such evaluation, prepare a description
of the role and capabilities required of an independent director. The person
recommended to the Board for appointment as an independent director shall have
the capabilities identified in such description. For the purpose of identifying
suitable candidates, the Committee may:
a. use the services of an external agencies, if required;
b. consider candidates from a wide range of backgrounds, having due regard
to diversity; and
c. consider the time commitments of the candidates.”
IX. In Schedule III, in Part A, in Para A, in clause (7B),—
a. in sub-clause (i),—
i. the words “The letter of resignation along with” shall be inserted before
the words “detailed reasons”.
ii. the words “of independent directors” appearing after the word
“resignation” and before the words “as given” shall be omitted.
iii. the words “shall be disclosed by the listed entities to the stock exchanges”
appearing after the word “director” shall be omitted.
b. after sub-clause (i), a new sub-clause (ia) shall be inserted namely:—
“(ia). Names of listed entities in which the resigning director holds directorships,
indicating the category of directorship and membership of board committees, if
any.”
c. in sub-clause (iii),—
i. the words “detailed reasons” appearing after the words “along with the”
shall be substituted by the word “disclosures”.
ii. after the words and symbols “sub-clause (i)” and before the word “above”,
the word and symbols “and (ii)” shall be inserted.
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./180/2021-22]
Footnotes:
1. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 were published in the Gazette of India on 2nd September 2015 vide No.
SEBI/LAD-NRO/GN/2015-16/013.
2. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, were subsequently amended on:
a) December 22, 2015 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2015 vide notification no. SEBI/LAD-
NRO/GN/2015-16/27.10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
b) May 25, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2016 vide notification no. SEBI/LAD-NRO/GN/
2016-17/001.
c) July 8, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Second Amendment) Regulations, 2016 vide notification no. SEBI/ LAD-
NRO/GN/2016-17/008.
d) January 4, 2017 by Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Third Amendment) Regulations, 2016 vide notification no.
SEBI/ LAD-NRO/GN/2016-17/025.
e) February 15, 2017 by Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2017 vide notification no.
SEBI/LAD/NRO/GN/2016-17/029.
f) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2017 vide Notification No. LAD-NRO/GN/2016- 17/037
read with March 29, 2017 by Securities and Exchange Board of India (Payment of Fees and
Mode of Payment) (Amendment) Regulations, 2017 vide notification no.
SEBI/LAD/NRO/GN/2016-17/38.
g) May 9, 2018 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2018 vide notification no.
SEBI/LAD-NRO/GN/2018/10.
h) May 30, 2018 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Second Amendment) Regulations, 2018 vide notification no.
SEBI/LAD-NRO/GN/2018/13.
i) June 1, 2018 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Third Amendment) Regulations, 2018 vide notification no.
SEBI/LAD-NRO/GN/2018/21.
j) June 8, 2018 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Fourth Amendment) Regulations, 2018 vide notification no.
SEBI/LAD-NRO/GN/2018/24.
k) September 6, 2018 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Fifth Amendment) Regulations, 2018 vide notification no.
SEBI/LAD-NRO/GN/2018/30.
l) November 16, 2018 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Sixth Amendment) Regulations, 2018 vide notification no.
SEBI/LAD-NRO/GN/2018/47.
m) March 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2019 vide notification no. SEBI/LAD-
NRO/GN/2019/07.
n) May 7, 2019 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Second Amendment) Regulations, 2019, vide notification no. SEBI/
LAD-NRO/GN/2019/12.
o) June 27, 2019 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Third Amendment) Regulations, 2019, vide notification no. SEBI/
LAD-NRO/GN/2019/22.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 11
p) July 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Fourth Amendment) Regulations, 2019, vide notification no. SEBI/
LAD-NRO/GN/2019/28.
q) December 26, 2019 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Fifth Amendment) Regulations, 2019, vide notification no. SEBI/
LAD-NRO/GN/2019/45.
r) January 10, 2020 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-
NRO/GN/2020/02.
s) April 17, 2020 by SEBI (Regulatory Sandbox) (Amendment)Regulations, 2020 vide no.
SEBI/LAD-NRO/GN/2020/10.
t) August 05, 2020 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Second Amendment) Regulations, 2020, vide notification no. SEBI/
LAD-NRO/GN/2020/25.
u) October 08, 2020 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Third Amendment) Regulations, 2020, vide notification no. SEBI/
LAD-NRO/GN/2020/33.
v) January 08, 2021 by the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-
NRO/GN/2021/02.
w) May 5, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Second Amendment) Regulations, 2021 vide notification no. SEBI/LAD-
NRO/GN/2021/22.
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and Published by the Controller of Publications, Delhi-110054.