The Securities and Exchange Board of India (SEBI) has decided to extend the timeline for companies to have at least woman on their board of directors by six months. The deadline has been extended from October 1 this year to April 1, 2015.
"For women directors on the boards, we have extended the timeline from October 1 this year to April 1, 2015. We have done it because the Ministry of Corporate Affairs guidelines towards this end have also been extended. We felt in this matter, it is better to synchronise our timeline with the ministry's," SEBI chairman UK Sinha said.
Sinha, however, clarified that this did not affect the induction of independent directors. "We have not extended the timelines for the induction of independent directors. SEBI's stance on the number of companies of which a person can be an independent director has also not changed. That number remains at seven," he said.
Sinha further said that work on the implementation of International Financial Reporting Standards (IFRS) was on track. "According to the budget that was announced in July, a time frame for the implementation for the IFRS has set aside. I feel that the governments and the market regulators are working together in that direction. I feel that these guidelines should be out within the time frame given, he said."
Sinha also talked of a new rule that has been put into operation by the SEBI to deal with public funding. "If a person takes more that Rs 100 crore from the public funds and does not fall under the seven exceptions that the SEBI uses, then that person would come under the boundaries of SEBI. There will be a legal presumption that it is a collective investment," he added.
