The Securities and Exchange Board of India (SEBI) is working to introduce mandatory biannual workshops for independent directors, with attendance potentially tied to their reappointment after completing a five-year term, according to sources familiar with the matter.
This initiative is being developed in collaboration with the National Institute of Securities Markets (NISM) and the Bombay Chartered Accountants Society (BCAS), which has already submitted a draft curriculum for SEBI’s review. The first set of workshops is tentatively scheduled for September or October, followed by another round in March, with plans to institutionalize a continuous training cycle for board members.
This move comes in the wake of increased scrutiny surrounding the abrupt departure of HDFC Bank’s chairman, raising concerns about the functioning of corporate boards and the efficacy of independent directors. In response, SEBI Chairman Tuhin Kanta Pandey emphasized the need for a structured capacity-building initiative for independent directors to enhance their capabilities in boardrooms. He highlighted the importance of “continuous, structured, and collaborative” learning as companies navigate complex regulatory and business environments.
Under the proposed plan, independent directors would be required to participate in training at least once every five years, establishing a framework similar to the continuing professional education requirements for other professions. Each year, these workshops will be conducted twice.
Currently, independent directors are only required to meet eligibility criteria and register with the Ministry of Corporate Affairs databank, with no mandatory ongoing training in place. The proposed initiative aims to address this gap by establishing a system of continuous professional development and periodic upskilling.
The curriculum for the workshops is anticipated to include regulatory updates, fiduciary responsibilities, risk governance, and new areas such as technology and cyber risks. Additionally, it may feature case studies on governance failures and evolving expectations from audit committees and board oversight, though the final details are still being finalized.
Once SEBI approves the curriculum, BCAS and NISM will further refine it and conduct the workshops. SEBI might formalize the initiative through a circular or regulation. Stakeholders in regulatory and market circles are increasingly focusing on how independent directors assess management decisions and governance processes, particularly in large listed companies.
Published on April 19, 2026.
