Ghosts of March 2020 March crash were back on Dalal Street on Monday as fears that the government could go for stricter lockdowns to curb the second wave of Covid-19, hampering the economic recovery, spooked market participants. Bears launched an all-out attack on the stock markets today as record daily cases of Covid-19 infections weakened bull reign. The benchmark S&P BSE Sensex and the Nifty50 indices cracked nearly 1,900 points and 590 points to hit intra-day lows of 47,693 and 14,249 levels, respectively. The concerns were felt in the currency market too as FPI outflows dragged the rupee to the lowest level in nine months. The rupee hit a low of 75.14 in the intra-day trade but ended at 75.05 per US dollar compared with Friday s close of 74.74.
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Sebi plans change in rules for appointment of independent directors
The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors
PTI | March 1, 2021 | Updated 23:30 IST
The Securities and Exchange Board of India
The Securities and Exchange Board of India has proposed sweeping changes to rules governing independent directors, including norms that pertain to their appointment and removal, eligibility criteria and remuneration structure.
The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors. This requires the majority of all shareholders as well as the majority of minority shareholders, other than the promoter and promoter group, to approve the appointment and removal of such directors.