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Analysis of amendment in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 vide SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023 notified vide Notification No. SEBI/LAD-NRO/GN/2023/117 dated: 17/01/2023.
| Sl. No | Regulation Number | Earlier Provision | Amendment |
| 1. | Regulation 15 | In case of a ‘high value debt listed entity’ that is a Real Estate Investment Trust (REIT) or Infrastructure investment Trust (InVIT) the Board of the Manager of the Real Estate Investment Trust (REIT), Infrastructure investment Trust (InVIT) shall comply with Regulation 15 to Regulation 27 of these regulations related to corporate governance. | This Provision has been deleted |
| 2. | Regulation 15(1B)
Regulation 15(1C) respectively |
Now, InvITs are required to comply with the governance norms specified under the SEBI (Infrastructure Investment Trust) Regulations, 2014 under which they are registered and the REITs are required to comply with the governance norms specified under the SEBI( Real Estate Investment Trust) Regulations, 2014 under which they are | |
| 3. | Regulation 16(1)(d) | Previously the term Senior Management shall mean: officers/personnel of the listed entity who are members of its core management team excluding board of directors and normally this shall comprise all members of management one level below the “chief executive officer/managing director/whole time director/manager (including chief executive officer/manager, in case they are not part of the board) and shall specifically include company secretary and chief financial officer. | Now the functional heads, by whatever name called in the organization, would also be a part of the “Senior Management” for all the purposes under SEBI- LODR. |
| 4. | Regulation 17(1C) | Previously the Listed Entity shall ensure that approval of shareholders for appointment of a person on the Board of Directors or as a manager is taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier. | Earlier, the provision was indicating such requirement in case of appointment only but now the entity has to take approval form the shareholders in case of re-appointment too at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier, however the above rule shall not be applicable to the Listed Public Sector Companies, they need to take the approval from the shareholders in their next AGM. |
| 5. | Corporate Governance | Now, the listed companies to whom Corporate Governance Report is applicable are required to give the additional disclosure pertaining to its material subsidiaries and their auditors which shall be applicable from FY 22-23 onwards. |
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