Sebi panel recommends separating chairman, MD roles at listed firms

Also suggests that at least half of board members should be independent directors

Suggesting a major overhaul of corporate governance norms for listed companies, a panel set up by the Securities and Exchange Board of India (Sebi) on Thursday recommended limiting chairmanship to only non-executive directors and appointing at least one woman as independent director.
 

While the proposal for only non-executive director being allowed to be made chairman would eventually lead to a split in the chairman and managing director posts, the committee also suggested increasing the minimum board strength to six members and the number of board meetings to five in a year.

The current rules require that there must be one woman