The Securities and Exchange Board of India approved several changes to provisions pertaining to related party transactions, at its board meeting on Sept. 28. The amended provisions have approved expanding the definition of related party to all persons/entities in a promoter group (irrespective of shareholding). Currently any person/entity belonging to the promoter group of the listed entity and holding 20% or more of shareholding in the listed entity is deemed to be a related party. It will also include Any person/entity holding directly or indirectly a 20% stake in the listed entity in the immediately preceding year. This falls to 10% or more with effect from April 1, 2023. The SEBI board has also approved amending the definition of related party transactions. Amendments also revise approval requirements from Audit committee.