New Delhi, July 2 -- The Securities and Exchange Board of India's revised framework for disclosures related to related party transactions (RPT) has received mixed response from legal and governance professionals. While the updated rules are seen as a step towards greater transparency, experts have raised questions over its legal basis and pointed to additional compliance complexity and administrative burden it could involve.

The new disclosure regime was notified through a circular on 26 June and will be effective from 1 September.

Under Regulation 23 of Sebi's Listing Obligations and Disclosure Requirements (LODR), listed companies must obtain approval from their audit committees-and in case of material transactions, from shareholders ...