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Securities and Exchange Board of India (SEBI) has made the companies to include at least one woman as a board member (director) to be compliant with the norms. The provision was actually announced first in February 2014 among the new norms with an initial deadline of October 1, 2014. It was later extended by 6 months. Being last day to appoint women directors, as many as 250 companies have taken decision to take at least one woman into the top brace on Tuesday, while on Monday the count was around 120.

SEBI asked the stock exchanges about the report of compliance status on Tuesday itself, but as the companies were busy with late night meetings on this issue, today SEBI may get finalized report. Now the companies without a woman director may face penal action under the new regulations of Sebi and as per the Companies Act, monetary fines up to 25 crore can also be expected.

According to the reports, more than 5,000 companies listed on the BSE, and around 1,650 entities listed on the NSE have to appoint the women directors (independent or non –independent female directors). As per the data available till Tuesday evening, around 200 companies listed in NSE, and large number of BSE listed firms, are yet to take decision.

However, most of the firms have chosen easy method of empowering women by appointing wives, daughters and senior management person. Adani Power, Adani Ports and SEZ, Essar Oil, Golden Tobacco, Prime Capital Market, Linc Pen and Plastics, Kohinoor Foods, GVK Power, Dhampure Specialty Sugars, Ashoka Buildcon, ABG Infralogistics, Surya Roshni Ltd, Bharati Shipyard, India Home Loan Ltd, Landmark Property, Donear Industries Ltd and Nitesh Estates were among the 250 companies which have taken decision on Tuesday.  

Some companies are expressing their inability of appointing woman member in top brass by citing the sudden departures (exit) of existing members, and absence of quorum to take decision.

The force by SEBI really worked in commendable way, but some companies were stick to family members like wives or daughters.

-Kannamsai