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TMI BlogCompliances required by a person eligible and willing to be appointed as an independent director.X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, shall before such appointment, apply online to the institute for inclusion of his name in the data bank for a period of one year or five years or for his life-time, and from time to time take steps as specified in sub-rule (2), till he continues to hold the office of an independent director in any company: Provided that any individual, including an individual not having DIN, may voluntarily apply to the institute for inclusion of his name in the data bank. (2) Every individual whose name has been so included in the data bank shall file an application for renewal for a further period of one year or five years or for his life-time, within a period of thirty days from the date of expiry of the period upto which the name of the individ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring and the regulator of the securities market in such member State is a member of the International Organization of Securities Commissions; or (d) bodies corporate incorporated outside India having a paid-up share capital of US$ 2 million or more; or (e) statutory corporations set up under an Act of Parliament or any State Legislature carrying on commercial activities; or 14[(B) in the pay scale of Director or equivalent or above in any Ministry or Department, of the Central Government or any State Government, and having experience in handling,- (i) the matters relating to commerce, corporate affairs, finance, industry or public enterprises; or (ii) the affairs related to Government companies or statutory corporations set up und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , he shall be required to pass the online proficiency self-assessment test and thereafter his name shall be included in the databank, only, if he passes the said online proficiency self-assessment test and in such case, the fees paid by him at the time of initial registration shall continue to be valid for the period for which the same was initially paid; and (ii) in case he fails to pass the online proficiency self-assessment test within one year from the date of restoration, his name shall be removed from the data bank and he shall be required to apply afresh under sub-rule (1) for inclusion of his name in the databank.] Explanation: For the purposes of this rule,- (a) the expression "institute" means the 'Indian Institute of Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Affairs or on any other website as may be approved or notified by the Central Government. (2) The data bank referred to in sub-rule (1) shall contain the following details in respect of each person included in the data bank to be eligible and willing to be appointed as independent director- (a) DIN (Director Identification Number); (b) the name and surname in full; 1[****] (d) the father's name 2[****] ; (e) the date of Birth; (f) gender; (g) the nationality; (h) the occupation; (i) full Address with PIN Code (present and permanent); (j) phone number; (k) e-mail id; (l) the educational and professional qualifications; (m) experience or expertise, if any; (n) any legal proceedings initiated or pending agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posted on the website shall - (a) be accessible at the specified website; (b) be substantially identical to the physical version of the data bank; (c) be searchable on the parameters specified in sub-rule (2); (d) be presented in a format or formats convenient for both printing and viewing online; and (e) contain a link to obtain the software required to view or print the particulars free of charge." 5. Substituted vide Notification No. F. No. 8/4/2018-CL-I-Part I dated 28-02-2020 before it was read as "three months" 6. Substituted vide Notification No. F. No. 8/4/2018-CL-I-Part I dated 28-02-2020 before it was read as "Provided that the individual who has served for a period of not less than ten years as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further that for the purpose of calculation of the period of ten years referred to in the first proviso, any period during which an individual was acting as a director or as a key managerial personnel in two or more 7[companies or bodies corporate] at the same time shall be counted only once." 13. Substituted vide NOTIFICATION NO. G.S.R. 774(E) dated 18-12-2020 before it was read as "sixty percent" 14. Substituted vide Notification No. G.S.R. 579(E). Dated 19-08-2021, before it was read as: "(B) in the pay scale of Director or above in the Ministry of Corporate Affairs or the Ministry of Finance or Ministry of Commerce and Industry or the Ministry of Heavy Industries and Public Enterprises and having experience in handli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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