Following Punjab National Bank's application on January 2, 2026 under the SEBI (Informal Guidance) Scheme, 2025, SEBI clarified that the Quarterly Integrated Governance Report under Regulation 27(2)(a) of LODR Regulations must be placed before the full board and cannot be delegated to audit committees. This draws a clear line between RBI's Commercial Banks Governance Directions, 2025 (which permit committee monitoring) and SEBI's listing requirements, emphasizing that placing corporate governance compliance reports before the board remains mandatory for all listed entities including PSU banks.

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