## Report on the Securities and Exchange Board of India Procedure for Board Meetings Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Procedure for Board Meetings Amendment Regulations, 2022, as published in the Gazette of India on December 9, 2022. This amendment modifies the existing Securities and Exchange Board of India Procedure for Board Meetings Regulations, 2001, primarily to formalize and regulate the participation of board members in meetings through video conferencing or other audio-visual means. The key finding is the establishment of a detailed procedure for remote participation, ensuring its integration within the existing framework of board meeting regulations.
**2. Introduction:**
This report aims to provide an informative overview of the Securities and Exchange Board of India Procedure for Board Meetings Amendment Regulations, 2022. The analysis is based solely on the provided policy text.
**3. Policy Overview:**
* This is an amendment to the Securities and Exchange Board of India Procedure for Board Meetings Regulations, 2001.
* The core objective of this amendment is to incorporate and regulate the use of video conferencing and other audio-visual means for board member participation in meetings.
**4. Background and Rationale:**
This amendment is likely driven by the need to formally recognize and standardize the increasingly common practice of remote participation in board meetings through video conferencing and other audio-visual tools. The amendment addresses the potential need to ensure appropriate procedures, security, and member rights are maintained when utilizing these technologies.
**5. Key Provisions / Changes:**
This amendment introduces the following specific changes:
* **Regulation 4 Amendment:** A proviso is added to Regulation 4 of the 2001 regulations. This proviso states that members intending to participate via video conferencing or other audio-visual means must communicate this intention sufficiently in advance to the Chairperson or Secretary of the Board. Furthermore, it mandates adherence to the procedure outlined in the newly inserted Schedule I.
* **Regulation 11 Amendment:** The word "Schedule" in Regulation 11 is replaced with "Schedule II". This adjustment is consequential to the addition of a new Schedule I.
* **Schedule Insertion (Schedule I):** A new "Schedule I" is inserted, titled "Procedure for allowing Members to participate in Board meetings through video conferencing or other audio visual means." This schedule details the specific rules for remote participation, including:
* The requirement for advance intimation of intention to participate remotely.
* The Board's responsibility to make necessary arrangements for video conferencing or other audio-visual means.
* Recognition of remote participants for quorum purposes.
* Ensuring remote participants have the same rights and obligations as in-person attendees.
* Specific methods for recording attendance of remote participants.
* Requirements for disclosing remote participation in the meeting minutes.
* Member responsibilities regarding meeting security and clear communication during remote participation.
* **Schedule Renumbering:** The existing Schedule is renumbered as Schedule II.
**Impact of Changes:** This amendment formalizes the process of remote board member participation, ensuring that it is conducted in a structured and regulated manner. It provides clarity on the responsibilities of both the Board and the individual members when utilizing video conferencing and other audio-visual means.
**6. Target Audience and Stakeholders:**
The primary target audience is the members of the Board of Directors of entities regulated by the Securities and Exchange Board of India (SEBI). Other stakeholders include the company secretaries and administrative staff responsible for organizing and facilitating board meetings.
**7. Implementation Aspects (Inferred):**
* The Secretary of the Board is likely responsible for implementing the procedures outlined in Schedule I, including making necessary arrangements for video conferencing or other audio-visual means. The Chairperson also has a role in being notified.
* The amendment requires members to provide advance notification of their intent to participate remotely.
* The SEBI Act, 1992 provides SEBI with the authority to enforce these regulations.
* The procedures outlined in Schedule I must be followed when members participate remotely.
* The text specifies a procedure for recording attendance and disclosing remote participation in meeting minutes.
**8. Expected Outcomes / Impact of Changes:**
The expected outcomes of these changes include:
* Greater clarity and consistency in the procedures for remote board member participation.
* Enhanced security and integrity of board meetings conducted with remote participants.
* Improved record-keeping and transparency regarding remote participation.
* Increased accessibility and flexibility for board members, potentially leading to greater participation.
**9. Conclusion:**
The Securities and Exchange Board of India Procedure for Board Meetings Amendment Regulations, 2022, represents a significant step in modernizing board meeting procedures by formally integrating video conferencing and other audio-visual means for member participation. The amendment clarifies the process, ensures member rights, and enhances the security and transparency of board meetings conducted with remote participants. This update reflects the evolving landscape of corporate governance and the increasing reliance on technology in board operations.
Key Entities Referenced
SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body that issued the notification.
Securities and Exchange Board of India Act, 1992: Act under which the powers are conferred to amend regulations.
Securities and Exchange Board of India Procedure for Board Meetings Regulations, 2001: Regulations being amended by this notification.
Securities and Exchange Board of India Procedure for Board Meetings Amendment Regulations, 2022: Title of the amended regulations.
Mumbai: City where the SECURITIES AND EXCHANGE BOARD OF INDIA notification was issued.
BABITHA RAYUDU: Executive Director who signed the notification.
New Delhi: Location of the Government of India Press.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एxलxx.-GअID.-H1x0x1x2 2022-240965
CG-DLxx-xEG-I1D0E1x2x2x0 22-240965
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 639] िई दिल्ली, ि ििार, दिसम्ब र 9, 2022/अग्रहायण 18, 1944
No. 639] NEW DELHI, FRIDAY, DECEMBER 9, 2022/AGRAHAYANA 18, 1944
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
मब ं ई, 9 दिसम् बर, 2022
भारतीय प्रजतभजू त और जिजिमय बोडड (बोड डकी बठै कों की प्रदिया) (सिं ोधि) जिजियम, 2022
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2022/110.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोड डअजधजियम, 1992
(1992 का 15) की धारा 30 के तहत प्रदान की गई िजियों का प्रयोग करते हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय
बोडड (बोड ड की बैठकों की प्रदिया) जिजियम, 2001 का और संिोधि करि े के जलए जिम्नजलजखत जिजियम बिाता ह,ै
अर्ाडत:् -
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड (बोडड की बैठकों की प्रदिया) (संिोधि) जिजियम, 2022 कहा
िा सकेगा ।
2. ये जिजियम रािपत्र म ेंइिके प्रकािि की तारीख को लागू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (बोडड की बैठकों की प्रदिया) जिजियम, 2001 में,
(1) जिजियम 4 में, जिम्नजलजखत परंत क िोडा िाएगा -
“परंत यह दक कोई सिस्ट्य िीजडयो कॉन्फ्रेंससंग या दकसी िसू री िश्ृय-श्रव्य (ऑजडयो जिि अल) व्यिस्ट्र्ा के िररए बैठक
में भाग ल ेसकेगा, लेदकि यदि कोई सिस्ट्य ऐसा करिा चाहता हो तो उसे इसकी िािकारी बोडड के अध्यक्ष या सजचि
को पहले से ही समय रहते िेिी होगी, और ऐसे मामलों में भारतीय प्रजतभूजत और जिजिमय बोडड (बोडड की बैठकों की
प्रदिया) जिजियम, 2001 की अि सूची-I म ेंजिधाडररत की गई प्रदिया का पालि दकया िाएगा ।”
8227 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(2) जिजियम 11 में, िब्ि “अि सूची” के स्ट्र्ाि पर िब्ि और जचह्ि “अि सूची-II” आ िाएंग े ।
(3) जिजियम 15 के बाि, जिम्नजलजखत अि सूची िोडी िाएगी -
“अिस चू ी–I
[जिजियम 4 िेख]ें
सिस्ट्यों को िीजडयो कॉन्फ्रेंससगं या दकसी िसू री िश्ृय-श्रव्य (ऑजडयो जििअ ल) व्यिस्ट्र्ा के िररए बोडड की बठैकों म ें
भाग लिे ेकी अिम जत प्रिाि दकए िाि ेकी प्रदिया
I. कोई सिस्ट्य िीजडयो कॉन्फ्रेंससंग या दकसी िसू री िश्ृय-श्रव्य (ऑजडयो जिि अल) व्यिस्ट्र्ा के िररए बैठक म ेंभाग ल े
सकेगा, लेदकि यदि कोई सिस्ट्य ऐसा करिा चाहता हो तो उसे इसकी िािकारी बोडड के अध्यक्ष या सजचि को
पहले स ेही समय रहते िेिी होगी, तादक इस संबंध म ेंउपय ि इंतिाम दकए िा सकें ।
ऐसी कोई सूचिा प्राप्त ि होि ेपर यही मािा िाएगा दक सिस्ट्य बैठक में स्ट्ियं उपजस्ट्र्त होकर भाग लगेा ।
II. दकसी सिस्ट्य से ऐसी सूचिा प्राप्त होिे के बाि, बोडड िीजडयो कॉन्फ्रेंससंग या दकसी िसू री िश्ृय-श्रव्य (ऑजडयो
जिि अल) व्यिस्ट्र्ा के जलए िरूरी इंतिाम करेगा, तादक िह सिस्ट्य िीजडयो कॉन्फ्रेंससंग या दकसी िसू री िश्ृय-श्रव्य
(ऑजडयो जिि अल) व्यिस्ट्र्ा के िररए बैठक म ेंभाग ले सके ।
III. िीजडयो कॉन्फ्रेंससंग या दकसी िसूरी िश्ृय-श्रव्य (ऑजडयो जिि अल) व्यिस्ट्र्ा के िररए बोड डकी बैठक म ेंभाग लिे े
िाले सिस्ट्य की जगिती भी कोरम में की िाएगी । िीजडयो कॉन्फ्रेंससंग या दकसी िसू री िश्ृय-श्रव्य (ऑजडयो
जिि अल) व्यिस्ट्र्ा के िररए भाग लिेे िाले सिस्ट्य के भी िही अजधकार और िाजयत्ि होंगे, िो बैठक में स्ट्िय ं
उपजस्ट्र्त होकर भाग लेिे िाले सिस्ट्य के होते ह ैं।
IV. िीजडयो कॉन्फ्रेंससंग या दकसी िसूरी िश्ृय-श्रव्य (ऑजडयो जििअ ल) व्यिस्ट्र्ा के िररए भाग लेि ेिाल ेसिस्ट्यों
की उपजस्ट्र्जत को उपजस्ट्र्जत रजिस्ट्टर म ेंिि डकरते समय यह उल्लेख दकया िाएगा दक उि सिस्ट्यों ि ेिीजडयो
कॉन्फ्रेंससंग के िररए बैठक म ेंभाग जलया, और ऐस ेमें यह मािा िाएगा दक उि सिस्ट्यों ि ेउपजस्ट्र्जत रजिस्ट्टर
पर अपि ेहस्ट्ताक्षर कर दिए ह ैं।
V. बैठक के कायडिृत्त में उि सिस्ट्यों के ब्यौरे ििेे होंगे, जिन्फ्होंि ेिीजडयो कॉन्फ्रेंससंग या दकसी िसू री िश्ृय-श्रव्य
(ऑजडयो जिि अल) व्यिस्ट्र्ा के िररए बैठक म ेंभाग जलया र्ा ।
VI. िीजडयो कॉन्फ्रेंससंग या दकसी िसू री िश्ृय-श्रव्य (ऑजडयो जििअ ल) व्यिस्ट्र्ा के िररए बैठक म ेंभाग लेिे िाल े
सिस्ट्य बोड डद्वारा सूजचत दकए गए िीजडयो कॉन्फ्रेंससंग के सलंक के िररए बैठक म ेंभाग लगें ेऔर यह स जिजित
करेंग ेतर्ा पूरी सािधािी बरतगेंे दक:
क) इस प्रकार बैठक म ेंिाजमल होिे के जलए स रक्षा की िजृि स ेऔर पहचाि की प जि करि ेके जलए जिधाडररत
की गई प्रदियाओं का पालि दकया िाए, तादक बैठक की मयाडिा पर कोई आँच ि आए;
ख) बैठक के िौराि बैठक का सलंक दकसी भी अिजधकृत व्यजि को ि जमले;
ग) िे बैठक के िौराि बैठक म ेंिाजमल अन्फ्य सिस्ट्यों को स्ट्पि रूप से िेख और स ि पाए ँ।”
(4) मौिूिा “अि सूची”, “अि सूची-II” बि िाएगी ।
बबीता राय डू, कायडपालक जिििे क
[जिज्ञापि-III/4/असा./460/2022-23][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 9th December, 2022
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR BOARD MEETINGS)
(AMENDMENT) REGULATIONS, 2022
No. SEBI/LAD-NRO/GN/2022/110.—In exercise of the powers conferred under section 30 of the Securities
and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further
amend the Securities and Exchange Board of India (Procedure for Board Meetings) Regulations, 2001, namely: -
1. These regulations may be called the Securities and Exchange Board of India (Procedure for Board Meetings)
(Amendment) Regulations, 2022.
2. These regulations shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Procedure for Board Meetings) Regulations, 2001,
(1) in regulation 4, the following Proviso shall be inserted -
“Provided that a Member who intends to participate in a meeting through video conferencing or any
other audio visual means, shall communicate the same, sufficiently in advance to the Chairperson or the
Secretary of the Board and in such case, the procedure as specified in Schedule I to the SEBI
(Procedure for Board Meetings) Regulations, 2001 shall be followed”.
(2) in regulation 11, the word “Schedule” shall be substituted with the words and symbols “Schedule-II”;
(3) after regulation 15, following Schedule shall be inserted –
“Schedule – I
[See Regulation 4]
Procedure for allowing Members to participate in Board meetings through video conferencing or other
audio visual means
I. A Member may participate in the meeting through video conferencing or other audio-visual means, pursuant
to communicating his intention sufficiently in advance to the Chairperson or Secretary to the Board to that
effect so that suitable arrangements can be made.
In the absence of any intimation, it shall be assumed that the Member will be attending the meeting in
person.
II. On receipt of intimation from the Member, the Board shall make necessary arrangements of video
conferencing or other audio visual means to enable such Member to attend the meeting through video
conferencing or other audio visual means.
III. A Member participating in a meeting through video conferencing or other audio visual means shall be
counted for the purpose of quorum. A Member attending meeting through video conferencing or any other
audio visual means, shall be vested with same rights and obligations as applicable in case of attending
meeting in person.
IV. Attendance of the Members participated through video conferencing or other audio visual means shall be
recorded in the attendance register as “Participated through video conferencing” and the attendance
register shall be deemed to have been signed by such Members.
V. Minutes of the meeting shall disclose the particulars of the Members who attended the meeting through video
conferencing or any other audio visual means.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
VI. Members participating through video conferencing or any other audio visual means shall participate through
the video conferencing link for the meeting provided by the Board and may ensure that due care is taken:
a) To safeguard the integrity of the meeting by ensuring sufficient security and identification
procedures to join the meeting;
b) To ensure that no unauthorized person has access to the meeting link during the meeting;
c) To ensure that they are able to hear and see the other participants clearly during the course of the
meeting.”
(4) the existing “Schedule” shall be renumbered as “Schedule II”.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./460/2022-23]
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