Sebi proposes new mechanism to make e-voting convenient for shareholders

The current mechanism involves registration with different ESPs and maintenance of multiple user IDs and passwords by shareholders

The Securities and Exchange Board of India (Sebi) on Thursday proposed to overhaul the e-voting process, which shareholders use to approve resolutions floated by listed companies.
 
At present, the service is facilitated by e-voting service providers (ESPs). The process involves registration with different ESPs and maintenance of multiple user IDs and passwords by shareholders. The markets regulator has proposed to do away with multiple login credentials and introduce a web-based service that will enable access to multiple ESPs. The move is aimed at simplifying the e-voting process and enhancing participation.
 
“Multiple login credentials are also prone to misuse. It is important that the entire process of e-voting is secure, convenient and simple to use for the shareholders,” Sebi said. It has invited public comments on the proposals till the end of this month. Based on the feedback, it will finalise the new framework.