India Inc can move Sebi over grievances against proxy advisors

Experts said move is expected to improve accountability at proxy advisory firms who have gained clout in influencing how minority shareholders vote on resolutions

The Securities and Exchange Board of India (Sebi) on Tuesday said listed companies having grievances against proxy advisory firms can approach the regulator. 

“Sebi will examine the matter for non-compliance by proxy advisors with the provisions of the Code of Conduct under regulation 24(2) read with regulation 23(1) of the SEBI (Research Analyst) Regulations, 2014 and the procedural guidelines for proxy advisors,” the market regulator said in a circular on Tuesday. 

The circular comes a day after Sebi issued the procedural guidelines. Experts said the move is expected to improve accountability at proxy advisory firms who have gained clout in influencing how