Section 17A in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
17A. [ Maximum number of directorships. [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/10, dated 9.5.2018 (w.e.f. 2.9.2015).]
- The directors of listed entities shall comply with the following conditions with respect to the maximum number of directorships, including any alternate directorships that can be held by them at any point of time -(1)A person shall not be a director in more than eight listed entities with effect from April 1, 2019 and in not more than seven listed entities with effect from April 1, 2020:Provided that a person shall not serve as an independent director in more than seven listed entities.(2)Notwithstanding the above, any person who is serving as a whole time director / managing director in any listed entity shall serve as an independent director in not more than three listed entities.For the purpose of this sub-regulation, the count for the number of listed entities on which a person is a director/ independent director shall be only those whose equity shares are listed on a stock exchange.]
