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Sebi blinks, gives India Inc two more years to split CMD position

Move follows hectic lobbying by industry groups

Shrimi Choudhary New Delhi

Premium

Illustration: Ajay Mohanty

3 min read Last Updated : Jan 14 2020 | 1:42 AM IST

The Securities and Exchange Board of India (Sebi) has given India Inc another two years to separate the positions of chairman and managing director (MD) in companies, giving a breather to many top guns of industry. The move follows resistance by big companies and industry bodies, which cited a compliance burden amid a downturn in the economy. The regulator had mandated the top 500 listed companies by market value to separate the chairman and MD posts by April 1 this year.

Through a gazette notification dated January 10, the date of compliance has been postponed to April 2022. Sebi hasn’t given any reasons for the deferment. Despite Sebi giving ample time to India Inc to meet the requirement, many companies were yet to comply with this, with less than three months left for the deadline. It is learnt that many companies had approached the ministries concerned and the Prime Minister’s Office (PMO), seeking a review of the regulation, while some of them a