The centre has said it will soon be introducing an online proficiency self-assessment test for independent directors and the test will be organised by the Indian Institute of Corporate Affairs (IICA) from December 1, said the Ministry of Corporate Affairs in its official communiqué.
The assessment will not be valid for certain categories, such as the candidates who have worked at least 10 years as a director or key managerial personnel in a company.
Individuals, other than the exempted ones will have to clear the examination within one year from the date of announcement of their names as the independent directors’ data bank maintained by the IICA, as per the communication.
If they fail to pass the test, the name of that particular independent director will be removed from the data bank. The notification would come into effect from December 1, 2019.
There will be no limit on the number of chances for an individual to pass the test.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
