Regulatory Framework in India

Who makes the rules? In India, it is a multi-layered system.

The Regulators

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1. The Companies Act, 2013

• The "Mother Law". Applies to ALL companies (Private and Public).
• Key Sections:
  • Sec 134: Directors Responsibility Statement.
  • Sec 135: CSR Mandate.
  • Sec 177: Audit Committee.

2. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [LODR]

• Applies only to LISTED companies (Tata, Reliance).
• Much stricter than Companies Act.
• Why? Because public money is involved.

3. Secretarial Standards (SS)

• Issued by ICSI (Institute of Company Secretaries).
• SS-1 (Board Meetings) and SS-2 (General Meetings) are mandatory.

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