Procedural Guidelines for Proxy Advisors

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..... uct specified therein. It is decided that proxy advisors shall also comply with the following procedural guidelines: (a) Proxy Advisors shall formulate the voting recommendation policies and disclose the updated voting recommendation policies to its clients. Proxy Advisors shall ensure that the policies should be reviewed at least once annually. The voting recommendation policies shall also disc .....

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..... shall be included as an addendum to the report. If the company has a different viewpoint on the recommendations stated in the report of the proxy advisors, then proxy advisors, after taking into account the said viewpoint, may either revise the recommendation in the addendum report or issue an addendum to the report with its remarks, as considered appropriate. (f) Proxy Advisors shall clearly d .....

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..... effect from September 1, 2020. 3. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 4. The circular is available on SEBI website at www.sebi.gov.in under the categories "Legal framework .....

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