One India, one stewardship

While the stewardship codes were first rolled out in 2017, India's experience with stewardship began earlier with Sebi's March 2010 circular.

India's experience with stewardship first began in March 2010, when the Securities and Exchange Board of India (Sebi) asked mutual funds to have a voting policy and to start voting. Having set the ball rolling, the Sebi held back and did not ask its regulated entities to unreservedly embrace stewardship. The Insurance Regulatory and Development Authority (IRDA) did so in March 2017 as did the Pension Fund Regulatory and Development Authority or the PFRDA (May 2018). Sebi finally showed-up at the high table on Christmas eve last December, when it asked mutual funds and all categories of Alternate Investment Funds