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In India, the regulators' focus rightly is on control through the voting mechanism

The recent attempt by investors to defenestrate managements and directors and vote down a number of resolutions has markets animated about shareholder activism. And while the investor crusade has taken root and is here to stay, I expect to see the occasional flare-up, louder than before no doubt, but not an endless firework display. 

This is so for a few reasons. First, just 8 per cent of the NSE-500 companies are institutionally-owned and widely held. Add at max, another 50 companies where promoter holding is at 27 per cent or below (I will come back to why this number). This implies