Proxy adviser is a person who provides advice to institutional investors or shareholder of a company, in relation to exercise of their rights in the company including recommendations on public offer or voting recommendation on agenda items. They also play an advisory role by providing analysis on corporate governance practices in companies which helps institutional investors to take prudent investment decisions.
SEBI regulates the activities of proxy advisors in India under SEBI (Research Analyst) Regulations, 2014. Under these regulations, such entities are required to register with SEBI and comply with the provisions pertaining to formation of internal policies and procedures, disclosures in the reports, code of conduct, maintaining record of voting recommendations etc.
Recently, SEBI has envisaged procedural guidelines for proxy advisors which are summarized as below:
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