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Rule 4: Duties of the institute · Complied AI

Chapter 29
Rule 4

Rule 4Chapter 29

Duties of the institute

(1)

The institute shall comply with the following, in respect of individuals referred to in sub-rule (1) of rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, namely:-

(a)

conduct an online proficiency self-assessment test covering companies law, securities law, basic accountancy, and such other areas relevant to the functioning of an individual acting as an independent director;

(b)

prepare a basic study material, online lessons, including audiovisuals for easy reference of individuals taking the online proficiency self-assessment test;

(c)

provide an option for individuals to take advanced tests in the areas specified in clause (a) and prepare the necessary advanced study material in this respect:

Proviso

Provided that no separate fees shall be charged by the institute in respect of clauses (a), (b) and (c).

(2)

The institute shall daily, share with the Central Government, a cumulative

list of all individuals –

(a)

whose names have been included in the data bank along with the date of inclusion and their Income Tax PAN or Passport number in case of foreign director (not required to have Income-Tax PAN);

(b)

whose applications for inclusion in the data bank have been rejected along with grounds and the dates of such rejection; and

(c)

whose names have been removed from the data bank along with grounds and the dates of such removal.

Rule 3 Rule 4 Rule 5