Clause 49 deadline not to be extended
Market regulator Securities and Exchange Board of India (Sebi) on Friday said that there will be no extension to the Clause 49 deadline of December 31, 2005.
By PTI |
MUMBAI: Market regulator Securities and Exchange Board of India (Sebi) on Friday said that there will be no extension to the Clause 49 deadline of December 31, 2005.
"There will be no extension to the Clause 49 deadline of December 31, 2005," Sebi Chairman M Damodaran told reporters.
Clause 49, which is popularly known as Corporate Governance clause, makes it mandatory for all companies that there should be at least 50 per cent independent directors on its board.
The Sebi board has approved insertion of a provision for launch of gold exchange trade funds besides introducing refund of payments through the Electronic Clearing System, Damodaran said.
"There will be no extension to the Clause 49 deadline of December 31, 2005," Sebi Chairman M Damodaran told reporters.
Clause 49, which is popularly known as Corporate Governance clause, makes it mandatory for all companies that there should be at least 50 per cent independent directors on its board.
The Sebi board has approved insertion of a provision for launch of gold exchange trade funds besides introducing refund of payments through the Electronic Clearing System, Damodaran said.
Board has also decided after Jagdish Kapoor Committee report that transaction in access of Rs 5 lakh would require biometric identification system and those below five lakh will require PAN Card.
Damodaran said all investors would be brought into the biometric identification system over a period of time in a phased manner.
The board has also approved to introduce the grading of initial public offering on an optional basis, he added.
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