Latest news with #Regulation6
Hindustan Times
27-06-2025
- Politics
- Hindustan Times
Chandigarh: AAP presses for anti- defection law
Two days after UT administrator Gulab Chand Kataria approved that the elections of the mayor, senior deputy mayor, and deputy mayor will now be elected through a show of hands instead of the earlier secret-ballot method, the local unit of Aam Aadmi Party (AAP) on Thursday held a press conference and demanded the immediate implementation of the Anti-Defection Law in the Chandigarh municipal corporation (MC). The local unit of Aam Aadmi Party (AAP) on Thursday held a press conference. (HT photo for representation) In a press conference, Vijaypal Singh, president of the Chandigarh AAP unit along with city councillors Yogesh Dhingra, Hardeep Singh, Jaswinder Kaur, and party's general secretary Omkar Singh Aulakh, said, 'AAP has consistently fought for transparency and strengthening democracy in Chandigarh over the past year. After continuous engagement with the public, judiciary, administration, and even Parliament, the approval of the 'Show of Hands' voting system marks a shared victory of AAP and the people of Chandigarh.' 'But this reform represents 50% progress towards full democratic transparency. Anti-defection law is a must to ensure complete transparency and to curb casteism, ideological deviation, and political horse-trading', the leaders added. Leaders said that during the mayor elections on January 30, 2024, returning officer Anil Masih was caught on camera while tampering with 8 votes cast in favour of AAP–Congress alliance candidate Kuldeep Kumar Dhalor. 'This incident was described by the Supreme Court as a 'murder of democracy'. The election was cancelled and Dhalor was declared the mayor validly elected. In October 2024, AAP-Congress councillors led by Yogesh Dhingra, had approved an amendment to Regulation 6, recommending a shift from secret ballot to the 'Show of Hands' method for mayoral elections', they added. They said that AAP leaders then met deputy commissioner in January and had then filed a petition in the Punjab and Haryana high court, demanding that the proposed secret ballot election scheduled for January 24 be cancelled and held via the show of hand system. 'Chandigarh MP Manish Tewari had also raised this issue in Parliament, advocating for a five-year mayoral term and open voting through the show of hands method at the national level,' they added.
Time of India
22-04-2025
- Business
- Time of India
Second among equals? Yes, say CCOs. Not by paycheck, counter cos
Mumbai: A recent Sebi circular designating a company secretary or chief compliance officer (CCO) at one level below the managing director or CEO has sparked both celebration and concern - cheered by compliance heads but viewed warily by several listed companies. Industry insiders say the change has prompted some CCOs to seek parity with chief financial officers (CFOs) in terms of hierarchy and pay. In many mid-sized firms, CFOs often report directly to the MD or CEO, commanding salaries more than double that of CCOs. People said compliance chiefs of a mid-sized IT firm and two chemical companies have formally asked their boards to elevate their roles to the same level as CFOs, along with corresponding hikes in compensation. India Inc is urging the market regulator to clarify that the circular's intent is to strengthen reporting lines and not to redefine organisational structures or remuneration frameworks. This is since companies are fearing that the directive could inadvertently disrupt internal hierarchies, creating HR and pay-scale challenges, especially in those where roles differ sharply in scope and scale across functions. "The position of a CCO is undoubtedly very important, especially in the context of the regulatory heavy environment, but this is more so in case of companies which have heavy sectoral regulatory oversight such as banks, NBFCs and insurance companies," said Ketan Dalal, managing director, Katalyst Advisors. "However, it is important for Sebi to clarify that the dispensation is more in the context of reporting, and not necessarily in terms of the HR organisation structure or compensation levels." The regulatory amendment - issued on April 1- modifies Regulation 6 of the Listing Obligations and Disclosure Requirements (LODR), 2015. It mandates that a listed company's compliance officer must be a full-time employee and occupy a position one level below the MD or a whole-time director, if these individuals sit on the company's board. This shift marks a broader rethinking of compliance - no longer a box-ticking role, but a core strategic function. By elevating the CCO's stature, Sebi aims to ensure they are empowered to flag lapses directly to top management, enhancing corporate oversight. "Sebi's intent is to empower CCOs to perform their duties fearlessly and ensure adherence to regulatory norms, not to mandate changes in their compensation structures," said Shailesh Haribhakti, chairman, Shailesh Haribhakti and Associates. "When it comes to remuneration, each company will make its own decision based on the scope and complexity of the compliance function." That said, others see the move as a much-needed step in the evolution of corporate governance in Indian companies. "With regulatory scrutiny on the rise, the consequences of non-compliance can be just as damaging as financial mismanagement, making the CCO's role equally strategic," said Zubin Morris, partner at Little & Co.
