Separation of Chairperson and CEO roles: Chairperson must be non-executive and not related to the MD/CEO. The amendment mandates appointment of separate persons to the posts of Chairperson and Managing Director or Chief Executive Officer: the Chairperson must be a non executive director and must not be related to the Managing Director or Chief Executive Officer as per the statutory definition of 'relative.' It also omits a sub regulatory provision of Regulation 17 and inserts the new clause into the schedule governing board composition, thereby imposing a separation of leadership roles in listed entities.