400 listed companies ignore SEBI rule, have no women directors on Board

Print Posted Date : 31-Mar-2015 , 07:51:53 am | Posted By CASANSAAR

Listen to this Article

0:00

Despite a SEBI deadline to appoint women directors coming to end in just two days, nearly 400 listed companies are yet to comply with the guideline. Listed companies are required to have at least one woman director before April 1 and recently, Sebi also indicated that there would not be any further relaxation on the deadline.

Recently, the market regulator has warned of serious consequences for non-compliance. Despite the SEBI’s efforts, as many as 395 listed firms were yet to have women directors on their boards as on March 25. “395 of 1,478 listed companies on the National Stock Exchange (NSE) do not have any female representation on their respective boards as on March 25,” as per data compiled by Prime Database.

The past week alone saw over 50 listed firms, including Hero Motocorp, Bajaj Auto, Tata International and a host of small and mid-cap firms roping in female directors on their boards. Some more companies are expected to appoint women directors before the April 1 deadline as they have scheduled their board meetings in the next two days.

These companies include ABC India, SRM Energy, Parnax Lab, Anna Infrastructures and Mazda Properties. After SEBI’s directive in February last year, many companies had stepped up efforts to have women directors on their boards and nearly 500 female members were nominated to the same till December 2014, although many of them happen to be family members of the promoters.

According to industry observers, many firms are appointing their women executives to several boards to comply with the SEBI’s order, while others are naming wives, daughters, mothers and sisters of the promoters on their boards. (PTI)

Category : SEBI | Comments : 2 | Hits : 391

Also Read -

SEBI Mandates AIFs to Upload NAV Data on Depository Platforms

SEBI Mandates AIFs to Upload NAV Data on Depository Platforms To strengthen disclosure standards and streamline processes, the Securities and Exchange Board of India (SEBI) has instructed Alternati...

Also Read -

SEBI Issues Insider Trading Notices to EY and PwC Executives

India's securities regulator has accused current and former executives at the local units of PwC and EY, among others, of breaching insider trading rules involving a 2022 share sale by Yes Bank, a...

Also Read -

SEBI orders youtuber who gives stock market training to pay Rs.12 Cr

A financial influencer, also known as finfluencer, who was also involved in imparting training related to stock market trading has been asked to part with a little over ?12 crore, which it made unlawf...

Comments

You need to be logged in to post comment

S Srinivasan

31-Mar-2015 , 11:35:43 am

There is no dearth of eligible Women who can become Director on the Board of Companies and contribute sincerely and effectively. However there is a time lag and absence of a data base. At times, the slow progress may be due to fear about the responsibility of Directors. Take the example of Satyam Computers. even the so called till then well managed companies, when failed, Directors including pr