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SEBI chief admits Independent Directors' issue not yet resolved
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SME Times News Bureau | 07 Apr, 2021
Yet again raising concerns regarding the lack of independence of
Independent Directors and the need for getting in the best people for
the job, the chief of India's capital market regulator on Tuesday
admitted that despite their efforts, no ideal solution has come up in
the matter.
In his address at the 14th CII Corporate Governance
Summit, Securities and Exchange Board of India (SEBI) Chairman, Ajay
Tyagi said that as a part of their continuous efforts in this direction,
they recently came out with a consultation paper touching some of these
issues.
"I must admit that notwithstanding various efforts made
in the past, we are yet to get ideal solutions to issues such as
'ensuring independence of Independent Directors', 'selecting the best
suited persons as Independent Directors', 'making their role more
effective and meaningful', etc," he said.
The concerns gained
prominence after the IL&FS crisis which involved governance
misconduct by several Independent Directors. Concerns were also raised
after Independent Directors in several companies resigned.
In
such an instance, several Independent Directors of Yes Bank, under its
previous management, had quit the bank's board through a series of
resignations.
Tyagi on Tuesday noted that some articles have
opined that there is a tendency to portray the promoters in a bad light
and that there is too much focus on only one set of stakeholders, the
minority shareholders.
"I would like to clarify that we, at SEBI,
acknowledge the very important role played by the promoters and
entrepreneurs in wealth creation," he said.
He also mentioned a
number of steps to improve the ease of compliance by the promoters and
said that SEBI has reviewed the regulatory framework for
re-classification of promoter or promoter group and have eased several
requirements such as giving exemption from the requirement of
shareholder approval in cases where the shareholding of promoter seeking
re-classification is less than 1 per cent or when re-classification of
promoter is pursuant to an open offer under the takeover regulations.
SEBI
has also revamped the entire rights issue process to make fund raising
through this route easier, faster and more cost effective, he added.
"To
facilitate easier fund raising, we have reviewed the framework of the
Innovators Growth Platform, to make the platform more accessible to the
start-ups and new age entrepreneurs," SEBI said.
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