India Inc can now move Sebi to settle dispute with proxy advisory firms

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 regulator said on Tuesday. 

The circular comes a day after Sebi issued the procedural guidelines. Experts said the move is to improve accountability of proxy advisory firms who have gained clout in influencing how minority shareholders vote on resolutions floated by 

India Inc.