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[Cites 0, Cited by 0] [Section 16(1)] [Section 16] [Entire Act]

Securities And Exchange Board Of India - Subsection

Section 16(1)(b) in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

(b)"independent director" means a non-executive director, other than a nominee director of the listed entity:
(i)who, in the opinion of the board of directors, is a person of integrity and possesses relevant expertise and experience;
(A)holds or has held the position of a key managerial personnel or is or has been an employee of the listed entity or its holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed;
(B)is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of -
(ii)who is or was not a promoter of the listed entity or its holding, subsidiary or associate company [or member of the promoter group of the listed entity] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/10, dated 9.5.2018 (w.e.f. 2.9.2015).];
(iii)who is not related to promoters or directors in the listed entity, its holding, subsidiary or associate company;
(iv)who, apart from receiving director's remuneration, has or had no material pecuniary relationship with the listed entity, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year;
(v)none of whose relatives has or had pecuniary relationship or transaction with the listed entity, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two per cent. or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed from time to time, whichever is lower, during the two immediately preceding financial years or during the current financial year;
(vi)who, neither himself, nor whose relative(s) -