Broadening of the definition of independent director. Fixing of norms relating to Non-executive directors' compensation and disclosures. Additional duty on the independent director to periodically review the legal compliance reports prepared by the Company and steps taken by the Company to improve. Fixation of the term of Non-executive Directors to a maximum of nine years. Obligation on the Board of Directors to lay down a Code of Conduct for all Board members and senior management of the Company.

Requirement of all members of the Audit Committee being financially literate. Increase in the powers of the Audit Committee. Additional duty on the Audit Committee to review of certain information by the Audit Committee.

Requirements relating to Audit reports and Audit Qualifications

New Requirement of Whistle Blower Policy.

Applicability of the requirements to subsidiary companies relating to composition of the Board of directors, laying of minutes of the Board meeting before the Board of the holding company and additional requirement to be included in the Board report of the Holding Company.

Disclosure of contingent liabilities. Additional Disclosures

Certification by CEO/CFO. Change in the Format of reporting to Stock Exchanges relating to Corporate Governance.

Entitlement to practising Company secretaries to certify the compliance of the conditions of corporate governance