Sebi overhauls norms for appointment, removal of independent directors

Move designed to reduce sway of promoters; regulator also prunes minimum application amount for REITs and InvITs to Rs 10,000-15,000.

The Securities and Exchange Board of India (Sebi) on Tuesday overhauled the norms pertaining to the appointment, removal, and remuneration of independent directors in order to curtail the sway of promoters over them.

The regulator also reduced the minimum application amount for real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) to Rs 10,000-15,000 from Rs 55,000 at present, aligning them with equity initial public offerings (IPOs).

Sebi increased the minimum amount asset management companies (AMCs) have to put in their new fund offerings (NFOs) to ensure more skin in the game.

In another key decision, the Sebi board allowed banks, other