X is a Managing Director of ABC Ltd. and awarded title of best CEO of the country. Four leading listed companies invited him to join their Board as an Independent Director for sharing his knowledge. Can X join as an Inde

As per Regulation 17A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, any person who is serving as a whole time director / managing director in any listed entity shall serve as an independent director in not more than three listed entities. Hence, X being the Managing Director of ABC Ltd., can join in only 3 listed companies as an independent Director. As per Regulation 17A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a person shall not be a director in more than eight listed entities with effect from April 1, 2019 and in not more than seven listed entities with effect from April 1, 2020. However a person shall not serve as an independent director in more than seven listed entities. Therefore, after retirement X cannot serve as an Independent Director in ten listed companies and is restricted to only seven listed companies as stated above. Hence the planning of X is not as per the Regulations on Corporate Governance.