Related party definition and transaction rules broadened; audit committee approvals and periodic disclosures strengthened under listing regulations. The Regulations expand the related party and related party transaction definitions to include promoter group and substantial shareholders and transactions that benefit related parties; they add exclusions and specify staged applicability. Audit committees must approve related party transactions and subsequent material modifications, define 'material modifications', and prior approval is required for certain subsidiary transactions based on turnover thresholds with transition rules effective from April 1, 2023. Listed entities must disclose related party transactions in a Board specified format every six months aligned with financial results, and a loans disclosure to firms/companies where directors are interested is mandated except for listed banks.