Mumbai: With the role of independent directors coming into focus amid the Tata-Mistry row, markets watchdog Sebi's Chairman U K Sinha on Thursday said there were "no compelling" reasons to review the norms regulating such board members.
"The appointments, sacking and role of independent directors is prescribed in the Companies Act as well as Sebi regulations. Sebi regulations in this regard are more tighter than those under Companies Act," Sinha told reporters on the sidelines of AIBI summit on 'Indian capital markets'.
"There is always need to review norms. But at this stage I don't see any compelling need to review them," he said.
The comments come in the backdrop of heated debate on the role of independent directors in the Tata-Cyrus Mistry row wherein the conglomerate has moved a proposal to remove Nusli Wadia, an independent director, from the board of atleast three group companies.
The Tata Sons' move came in response to independent directors supporting Cyrus Mistry, and the issue has also raised question marks over the independence of such directors in voicing their views.
Asked about listing of domestic stock exchanges in the overseas market as proposed by the National Stock Exchange (NSE), Sinha said "an exchange in India as per our regulations cannot list outside India".
On progress in options trading in commodities, he noted that "this a new area and the first thing for all members of the advisory committee is how do we initiate a system where risk parameters are fully taken care of".
"And we also have to ensure that the risk parameters are of highest world standards. This is a complex task and Sebi will be looking at all the views and then finally taking a call," Sinha said.
In a major push to deepen the commodity derivative markets, the Sebi had in September allowed options trading.
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