BACKGROUND
SEBI has notified the amendments to the SEBI (Listing and Disclosure Requirements) Regulations, 2015 (LODR Regulations) vide notification dated 14th June, 2023. Except where specified, they will come into effect from the 30th day from the date of their publication in the Official Gazette. Thus, a short period has been given so that the amendments are understood and digested and systems laid down for their implementation.
The amendments relate generally to what one would call corporate governance requirements. Some of the amendments made are substantial in nature with far reaching effects. Importantly, an effectively retrospective application has been given to some amendments since they will apply also to subsisting arrangements and situations. Listed companies, their key management personnel, directors and others concerned will need to study and examine which of them apply to their companies and lay down processes to implement them.
These amendments follow the Consultation Paper issued on 21st February, 2023 and considering the feedback received to this paper, SEBI has implemented the proposals in a manner that is different in some aspects of what the original proposals laid down.
The LODR Regulations apply to listed entities but, for simplification and using a familiar term, the words “listed companies” are used here.
EXTENDING AND MODIFYING THE REQUIREMENTS RELATING TO REP
