Government has introduced the Independent Director’s Databank

The government has launched a databank of independent directors which will be a “comprehensive repository” of existing as well as those eligible to be independent directors. Companies also may register themselves with the databank to search, select and connect with individuals who possess the right skills and attitude for being considered for appointment as independent directors.

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The databank is expected to become a comprehensive repository of both existing independent directors as well as individuals eligible and willing to be appointed as independent directors. The Indian Institute of Corporate Affairs (IICA), under the ministry, would be maintaining the databank portal. Independent directors are also required to pass a basic online proficiency self-assessment test which would be available from March 2020. The test has to be taken within 12 months from.