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As per SEBI norms, the top 500 listed entities by market capitalisation had to separate the roles of chairman and MD or CEO with effect from April 1, 2020 earlier. Money Corporate GovernanceMarket regulator Securities and Exchange Board of India (SEBI) has extended the deadline by two years till April 2022 for companies to comply with its directive to separate the roles of chairman and
Sebi has asked all listed companies to appoint separate individuals to the posts of chairman and managing director by April 1, 2020. Also, the chairman, who will have a non-executive role, should not in any way be related to the managing director or the CEO. This rule, however, does not apply to companies with no identifiable promoter.
75% of top 500 firms have separate chairman, MD posts: Tyagi 20 Nov, 2019, 09.03PM IST. The watchdog has asked listed companies to split the post of chairman and managing director. The norm would be effective from April 1 next year.
The AAR, Maharashtra, in two recent rulings, said that these companies do not need a separate registration in each state and that a registration where their headquarters are located would be enough. These firms can sell products in different states and raise invoices against their head offices, it ruled.
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