Sebi clarifies on shareholders’ approval for directors appointment on listed PSUs boards

India’s capital markets regulator, Sebi, has said listed public sector banks will require shareholder approval for any appointments or reappointments of directors made at the next general meeting. Sebi has said persons who don’t have shareholder support will cease to be directors. The comments came after an informal guidance request from the Bank of Baroda. Despite the clarification, Sebi hinted that its views may differ case by case.