Author: Dhruv Kalia, Student at National University of Advanced Legal Studies (NUALS), Kochi
Co-Author: Ananyo Roy, Student at National University of Advanced Legal Studies (NUALS), Kochi
Ajay Tyagi, chairman of the Securities and Exchange Board of India (Sebi), claimed that despite numerous attempts to guarantee the interests of minority shareholders are protected, the market regulator has failed to ensure that independent directors do not act under the control of strong promoters. It was recently known that SEBI has been considering changing several of its regulations. On June 29, 2023, news about changes to independent directors, accredited creditors, investment managers, and other topics erupted across the markets. Following numerous assessments of the intricate SEBI guidelines, the members chose to modify critical elements, increasing flexibility and control.