April 18, 2021

Online testing requirements for independent directors have been relaxed

Issued by: ENS Economic Bureau | New Delhi |

December 20, 2020 1:43:10 AM

Finance Minister Nirmala Sitharaman (PTI / File)

The Ministry of Corporate Affairs has relaxed the deadlines and expanded the exemptions for online scholarship testing. Independent directors will now have two years to register with the ministry’s data bank to complete the online self-assessment test under one year from the previous terms.

The amended rules exempt a director or chief executive officer (KMP) from a listed company or any director with more than three years of experience in an unlisted public company with a down payment capital of more than Rs 10 crore.

Previously, the exemption was limited to persons with more than 10 years of experience as a director or KMP in such companies.

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