Regulation 17A - Maximum number of directorships - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

1 [Maximum number of directorships. 17A. The directors of listed entities shall comply with the following conditions with respect to the maximum number of directorships, including any alternate directorships that can be held by them at any point of time (1) A person shall not be a director in more than eight listed entities with effect from April 1, 2019 and in not more than seven listed entities with effect from April 1, 2020: Provided that a person shall not serve as an independent director in more than seven listed entities. (2) Notwithstanding the above, any person who is serving as a whole time director / managing director in any listed entity shall serve as an independent director in not more than three listed entities. 2 [ Explanation 4 [ (1) ]] For the purpose of this 3 [ regulation ] , the count for the number of listed entities on which a person is a director / independent director 5 [ shall be cumulative of those whose equity shares are listed on a stock exchange and high value debt listed entities ] . ] 6 [ Explanation (2) For the purpose of this regulation, the directorship(s) held by a person on an ex-officio basis due to statute or applicable contractual framework in case of public sector undertakings and entities set up under a public private partnership arrangement shall not be included in calculating the maximum number of directorships: Provided that nothing in this provision relating to HVDLE shall come into effect for a period of six months from the date of publication of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2025 in the Official Gazette or the date of Annual General Meeting, whichever is later. ] ************ NOTES:- 1 Inserted by the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, w.e.f. 1.4.2019. 2 . Converted vide Notification No. SEBI/LAD-NRO/GN/2021/22 dated 05-05-2021 3 . Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/22 dated 05-05-2021 before it was read as sub-regulation 4 . Numbered vide F. No. SEBI/LAD-NRO/GN/2025/239 dated 27-03-2025 5 . Substituted vide F. No. SEBI/LAD-NRO/GN/2025/239 dated 27-03-2025 before it was read as, shall be only those whose equity shares are listed on a stock exchange 6 . Inserted vide F. No. SEBI/LAD-NRO/GN/2025/239 dated 27-03-2025