Market regulator Securities and Exchange Board of India (Sebi), on Tuesday, effected some modifications to existing Clause 49 of the Listing Agreement by including certain provisions.

As per some non-mandatory provision, if a non-executive chairman is a promoter or is related to promoters or persons occupying management positions at the board level or at one level below the board, at least one-half of the board of the company should consist of independent directors. Further, it said disclosures of relationships between directors inter-se should be made in specified documents/filings. The gap between resignation or removal of an independent director and appointment of another independent director in his place shall not exceed 180 days. And the minimum age for independent directors shall be 21 years.