A market regulator on Tuesday said that Listed companies can approach Sebi to resolve grievances against proxy advisors, who advise shareholders on corporate governance issues and assist them with voting recommendation. The Securities and Exchange Board of India circular stated that this will be applicable from September 1.
The market watchdog will examine the matter for non-compliance by proxy advisors with the provisions of the code of conduct specified under Research Analyst Regulations and the procedural guidelines for proxy advisors.
Under the guidelines, they will have to formulate the voting recommendation policies and disclose the updated voting recommendation policies to clients.
Lawcutor 