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of <h1>SEBI Clarifies Definitions for Listed Entities: Control, Independent Directors, Material Subsidiaries, and Senior Management Under 2015 Regulations.</h1> The Securities and Exchange Board of India (SEBI) defines key terms related to the obligations of listed entities under its Listing Obligations and Disclosure Requirements Regulations, 2015. 'Control' aligns with the definition in the 2011 Takeover Regulations. An 'independent director' is a non-executive director meeting specific criteria, including integrity, expertise, and independence from the entity's promoters and directors. A 'material subsidiary' exceeds ten percent of the consolidated turnover or net worth of the listed entity. 'Senior management' includes core management team members below the CEO or Managing Director, specifically including functional heads and key managerial personnel.
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