The Corporate Affairs Ministry has relaxed timelines and broadened exemptions for an online proficiency test that independent directors are required to take in accordance with government regulations. Independent directors will now have two years after registering with the Ministry’s data bank to complete the online self-assessment test up from one year under previous regulations.
The amended regulations also exempt any directors with over three years of experience as a director or Key Managerial Personnel (KMP) in a listed company or an unlisted public company with a paid-up capital of over Rs 10 crore from the requirement.
Previously, the exemption was limited to individuals with over 10 years of experience as a director or KMP at such companies.
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