<h1>Listed Firms Must Ensure Independent Directors on Boards per Section 149(4) & Clause 49(II); SEBI Urges PSU Compliance.</h1> Listed companies, including Public Sector Undertakings (PSUs), must comply with regulations requiring independent directors on their boards. Section 149(4) mandates that one-third of directors be independent, with Clause 49(II) stipulating half the board be independent if there is no regular non-executive chairman. Unlisted public companies with significant financial metrics must have at least two independent directors. Non-compliance has led to fines and prosecutions, with SEBI urging government intervention for PSUs. Criteria for non-official directors on CPSE boards include experience, education, and age, with specific restrictions on reappointments and simultaneous directorships.