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of <h1>SEBI updates LODR Regulation 23 and Schedule XII, tightening related party transaction rules and disclosure obligations</h1> SEBI's Fifth Amendment to the Listing Obligations and Disclosure Requirements Regulations, 2015 revises definitions to expressly cover directors, key managerial personnel and their relatives in specified transactions, deletes certain provisos in regulation 12, and overhauls the framework for related party transactions under regulation 23. New materiality thresholds for related party transactions are prescribed in a newly inserted Schedule XII, with turnover-based slabs and clarified audit committee approval requirements, including for subsidiaries without one year of audited financials. The amendment clarifies that 'holding company' refers to a listed holding company, tightens validity periods for shareholder omnibus approvals, and updates disclosure and dispatch requirements for annual reports and documents to security holders, including web-link/QR code-based access. Regulations take effect on publication, with limited deferred commencement.
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