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of <h1>SEBI Amends Clause 49: Non-Executive Promoter Chairmen Must Have 50% Independent Directors on Board by March 31, 2009.</h1> The circular issued by SEBI on October 23, 2008, addresses amendments to Clause 49 of the Equity Listing Agreement concerning corporate governance in listed companies. It clarifies that if a non-executive chairman is a promoter or related to promoters, at least half of the board must be independent directors. The explanation distinguishes between promoters that are listed or unlisted entities, specifying who is deemed related. The amendments apply to new listings and existing entities by March 31, 2009. Stock exchanges must implement these changes and report compliance to SEBI. This directive is under SEBI's authority to protect investors and regulate the securities market.
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