SEBI may keep independent director workshops voluntary
First programme, earlier planned for October, likely after Diwali as BCAS, NISM and exchanges work on framework
The Securities and Exchange Board of India (SEBI) might maintain the proposed training workshops for independent directors as voluntary, rather than making them mandatory and linking them to reappointment, according to sources familiar with the discussions. The workshops, originally planned for September-October, are now expected to be held after Diwali once the Bombay Chartered Accountants Society (BCAS) finalizes its plan, which is awaiting inputs from the National Institute of Securities Markets (NISM) and the National Stock Exchange (NSE).
SEBI initially proposed the workshops as a biannual, mandatory training program for independent directors to ensure continuous professional development during their tenure, similar to continuing education requirements for other professions. However, SEBI prefers to gauge the value of the program before making participation mandatory.
The BCAS has submitted its curriculum, which covers regulatory developments, fiduciary responsibilities, risk governance, and emerging issues like technology and cyber risks, to NISM for finalization, which will then consult SEBI. The workshops are set to focus on practical learning through case studies and regulatory updates, with participant feedback used to enhance future sessions.
SEBI Chairman Tuhin Kanta Pandey expressed support for the initiative but emphasized the need for feedback before considering mandatory participation.
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