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of <h1>SEBI's Regulation 24: Corporate governance rules for subsidiaries require independent directors, audit reviews, and special resolutions for major changes.</h1> Regulation 24 of SEBI's Listing Obligations mandates corporate governance for subsidiaries of listed entities. It requires at least one independent director from the listed entity's board to serve on the board of an unlisted material subsidiary. The audit committee must review the financials of the unlisted subsidiary, and significant transactions must be reported to the listed entity's board. Any reduction in shareholding below 50% or asset disposals exceeding 20% require shareholder approval via special resolution unless approved by a court or tribunal. These rules also apply to listed subsidiaries that are holding companies concerning their own subsidiaries.
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