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SEBI notifies on Grievance Resolution between Listed Entities and Proxy Advisers

SEBI - Grievance Resolution - Proxy Advisers - Taxscan

The Security Exchange Board of India (SEBI) has notified the Grievance Resolution between listed entities and proxy advisers. In the circular, Regulation 4(2)(a)of SEBI (Listing  Obligations and Disclosure  Requirements) Regulations, 2015 (‘LODR’) where the rights of shareholders are provided has been mentioned.

It is stated in the circular that due to the inherent nature of the work of proxy advisors, it is probable that proxy advisors and listed entities may have different views on any agenda item of the listed entity leading to grievances.

SEBI notified that for the resolution of such grievances of listed entities against SEBI registered proxy advisors,  the listed entities may approach  SEBI.  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 issued vide notification dated August 3, 2020. The provisions of this circular are to come into effect from September 01, 2020.

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