Corporate India is under the scanner again for its gender disparity. According to data from nseinfobase.com, powered by PRIME Database Group, 10 percent of the top 500 NSE-listed companies are still not in compliance with the diversity initiative of the Securities & Exchange Board of India (SEBI).
The market regulator asked companies to appoint a female independent director by April 1. However, as many as 51 companies are yet to do so. Of this, five companies come in the top 100 listed companies on the NSE. Many of the government-backed companies are also in violation of this directive.
Some of those include HDFC Asset Management, InterGlobe Aviation, Indian Oil Corporation, Jindal Steel and Power and SUN TV Network.
Moreover, 42 of the 500 companies inducted women independent directors only in the last week before the April 1 deadline even though they had a year's time to follow the new order.
Public sector units (PSUs) are usually found to be negating corporate governance directives. The reason for violation of this particular directive could be a long-drawn process of inducting a new member to their board, according to Pranav Haldea, MD of PRIME Database.
It was the Kotak Committee on Corporate Governance which had suggested appointing at least one female director on the top 500 listed entities by April 1, 2019.