In the annual review of its Voting Guidelines, IiAS is considering changing the way it will vote on the (re)appointments of Independent Directors. We propose to add three new elements to our criteria. We believe Independent Directors perform a crucial role in setting the governance landscape for corporate India. Independent Directors provide the required guidance, help test the robustness of the business strategy, and when needed, push-back and set accountability for controll

It is hard to argue against SEBI’s intent to foster competition for stock exchanges and depositories. However, it is unclear if adding more stock exchanges will accomplish the desired outcome. While ownership regulations are being eased to lower entry barriers, SEBI needs to ensure this be done with stronger guardrails. Competition is essential for continuous improvement to products and services, and to this extent, the intent of fostering greater competition for stock exchan