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The BSE, Asia's oldest stock exchange, has penalised 530 firms for not appointing women on their boards. Similarly, the National Stock Exchange (NSE) has sent notices to 260 companies, an NSE spokesperson said. Metropolitan Stock Exchange of India (MSEI), formerly known as MCX Stock Exchange, has sent notices to three companies, its spokesperson said. The Securities and Exchange Board of India (Sebi), the capital markets regulator, had asked all listed companies to make these appointments by March 31, 2015. Sebi had prescribed an escalating penal structure for those not meeting the deadline. Those complying between April 1 and June 30, were to pay a fine of Rs 50,000. The BSE has 5,711 companies listed on it, while the NSE has about 1,300. MSEI has 108. Sebi had ordered a daily penalty of Rs 1,000, in addition to Rs 50,000 fine, on those who miss the June deadline.
Those missing the September 30 deadline would be required to pay Rs 1.42 lakh as fine, in addition to a daily penalty of Rs 5,000 till a woman director is appointed.
“For any non-compliance beyond September 30, 2015, Sebi may take any other action, against the non-compliant entities, their promoters and/or directors or issue such directions in accordance with law, as considered appropriate,” the Sebi circular had said.
