Briefly discuss Legal Compliance in relation to the Risk Management Committee as per SEBI (LODR) (Second Amendment) Regulations, 2021.

Legal Compliance in relation to the Risk Management Committee (Regulation 21) as per SEBI (LODR) Second Amendment Regulations, 2021 Applicability: Top 1000 listed entities determined on the basis of market capitalisation at the end of immediate previous financial year and a 'high value debt listed entity'. Composition: Minimum three members, majority of member of Committee shall consist of Members of the Board of directors, including at least one independent director. In case of a listed entity having outstanding SR equity shares, at least two thirds of the Risk Management Committee shall comprise independent directors. Number of meetings: At least twice in a year and not more than 180 days shall elapse between any two consecutive meetings. Quorum: Two members or one third of the members of the committee, whichever is higher, including at least one member of the Board of Directors in attendance. Roles and responsibilities of Risk Management Committee shall be defined by Board of Directors and may delegate the monitoring and reviewing of the risk management plan to the Committee and such other functions as it may deem fit. The role and responsibilities of the Risk Management Committee shall mandatorily include the performance of functions specified in Part D of Schedule II of SEBI (LODR) Regulations, 2015. The Risk Management Committee shall have powers to seek information from any employee, obtain outside legal or other professional advice and secure attendance of outsiders with relevant expertise, if it considers necessary.