Banking chronicleOne of the key recommendations made by the committee is for an amendment to provide an enabling transparent framework to regulate the information rights of certain promoters and significant shareholders. bsc chronicle In the Tata-Mistrybattle, one of the allegations made by Tata Sons'
former Chairman Cyrus Mistry was that
sensitive information was being shared
by the company with Ratan Tata. bscmagazine-Buy–NowThe current
rules prohibit any communication or procurement of unpublished price-sensitive information. The Committee observed that information sharing with promoters and significant shareholders
occurs in the "shadows" in the
absence ofa channel legitimisingsuch
information flow.bsc chronicleThe other key proposal is to separate the role of Chairperson
and MD/CEO at
listed entities with more than 40 per cent public shareholding with effect from Apr 1, 2020bsc
magazine-Buy–NowThe SEBI regulations do not mandate
a separation
of these posts.Banking chronicleThe current rules require that there must be one woman on
hoard, irrespective
of her being an independent or executive director. bsc
chronicleThe new recommendations also call for the boards to have at least
half of their members as independent directors, upfrom one-third at presentbsc
magazine-Buy–NowThe market regulator Sebi has sought public comments till Nov
4 on the panel's recommendations, which run into 177 pages and cover a host of issues.
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