Aug 20, 2021

More relaxations for Independent Directors from online proficiency self-assessment test

Share on

MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 to provide the following new exemptions from online proficiency self-assessment test:

a) Individuals, who are or have been, for at least 10 years as

  • an advocate of a court; or
  • in practice as a chartered accountant; or
  • in practice as a cost accountant; or
  • in practice as a company secretary

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,—

  • the matters relating to commerce, corporate affairs, finance, industry or public enterprises; or
  • the affairs related to Government companies or statutory corporations set up under an Act of Parliament or any State Act and carrying on commercial activities.

Previously, only 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 having experience in handling the matters relating to corporate laws or securities laws or economic laws were covered.

Click here to view the Rules

Request a Call