Over 395 listed companies are yet to appoint women directors on their boards as on March 25, even as the SEBI has warned of consequences for non-compliance.
"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," according to a data compiled by Prime Database.
SEBI vide its circular dated 17th April 2014 has made it mandatory for all the listed companies to appoint atleast one Woman Director on their Board of Directors by 31st
March, 2015 in alignment with the requirement of Section 149 of the Companies Act, 2013, under corporate governance norms.
According to Companies Act 2013, all listed companies, and public companies having a paid-up capital of Rs. 100 crore or turnover of Rs.300 crore, should have a woman director on their board.
SEBI is very serious on the compliance to these norms and has proactively sought the action initiated to
ensure compliance with the aforesaid requirement for the companies that are yet to appoint a Woman Director on their board.
These guidelines, part of Sebi's Corporate Governance Code, were issued way back in February 2014 and the initial deadline of October 1, 2014 was extended by another six months.
The SEBI warned that there will not be anymore extensions and strict action will be taken against companies who do not appoint at least one woman on its board by the end of March 31, 2015. As per SEBI, nearly one-third of the top-500 listed firms in India do not have any woman member on their Boards yet.