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UDAY Kotak Committee | 75th class | IAS 2019

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Recommendations accepted by SEBI without any modifications

• Reduction in the maximum number of listed entity directorships from 10 to 8 by April 01, 2019 and to 7 by April 1, 2020.

• Expanding the eligibility criteria for independent directors.

• Enhanced role of the Audit Committee, Nomination and Remuneration Committee and Risk Management Committee.

• Disclosure of utilization of funds from preferential issue.

• Disclosures of auditor credentials, audit fee, reasons for resignation of auditors, etc.

• Disclosure of expertise of directors.

• Enhanced disclosure of related party transactions (RPTs) and related parties to be permitted to vote against RPTs.

• Mandatory disclosure of consolidated quarterly results with effect from FY 2019-20.

• Enhanced obligations on the listed entities with respect to subsidiaries.

• Mandatory secretarial audit for the listed entities and their unlisted subsidiaries under SEBI LODR Regulations.


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