The Security and Exchange Board of India (SEBI) altered the Procedural Guidelines for Proxy Advisors.
The Board has partially modified SEBI Circular dated August 03, 2020 and SEBI Circular dated August 27, 2020 on “Procedural Guidelines for Proxy Advisors”.
In Clause 1(c) of the SEBI Circular dated August 03, 2020 is modified as “Proxy Advisors shall alert clients, within 24 hours of receipt of information, about any factual errors and any impending material revisions to their reports. Further, any such material revisions to their reports shall be communicated to the clients within 72 hours of receipt of the information, while ensuring that adequate time is available for clients to make an informed decision.”
The Clauses 1(c) and 1(e) of SEBI Circular No. dated August 03, 2020 shall be applicable with effect from February 1, 2021.
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