Legalaxy - July 2023

LEGAL MAXIM

Ignorantia Juris Non Excusat - 'ignorance of the law is no excuse'

SEBI (LODR) (SECOND AMENDMENT) REGULATIONS, 2023, NOTIFIED BY SEBI

Securities and Exchange Board of India ("SEBI"), vide notification dated June 14, 2023, has amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR").

The amendments mentioned in the SEBI (LODR) (Second Amendment) Regulations, 2023, pertains to: (a) filling the vacancy of the compliance officer, director and certain KMPs (MD, WTD, CEO, CFO, Manager) within a maximum period of 3 months from the date of respective vacancy; (b) applicability of the corporate governance provisions extended to a high value debt listed entity on a "comply or explain basis'' till March 31, 2024 (previously March 31, 2023); (c) requirement of shareholders' approval for continuation of a director to be taken at least once in every 5 years with effect from April 1, 2024; (d) disclosure of cyber