BSE cracks down on 530 companies without a woman director

[Hindustani78]

Updated: July 15, 2015 17:25 IST
BSE cracks down on 530 companies without a woman director - The Hindu

Stock exchange BSE has cracked the whip on 530 companies that have not appointed a woman director, asking them to pay up the fine for non-compliance, said an official.

“We have sent notices to 530 listed companies out of 4,262 companies that are eligible for trading. The total number of companies that are listed in BSE are 5,712 and out of them 1,450 have been suspended,” the official, who didn’t want to be named, told IANS over phone from Mumbai.

According to him, the BSE till date has issued advisory letters to 530 companies regarding levy of fines for non-appointment of women directors.

Markets regulator Securities and Exchange Board of India (SEBI) had stipulated listed companies should have at least one woman representative on their board. Several of the companied met the SEBI deadline of March 30 by finding suitable persons and some by appointing close relatives of promoters.

However, industry watchers said the BSE action will not be very effective.

According to SEBI, listed companies that comply with the norm between April 1-June 30 would be levied a fine of Rs.50,000.

For companies that comply with the stipulation between July 1—September 30, the fine will be a total of Rs.50,000 plus Rs.1,000 per day from July 1 till the date of compliance.

For listed companies that appoint women directors on or after October 1, the fine is Rs.142,000 plus Rs.5,000 per day from October 2015 till the date of compliance.

For any non-compliance beyond September 30, 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.

 

[acid rain]

reverse feminism..more power to them though.

 

[nForce]

Updated: July 15, 2015 17:25 IST
BSE cracks down on 530 companies without a woman director - The Hindu

Stock exchange BSE has cracked the whip on 530 companies that have not appointed a woman director, asking them to pay up the fine for non-compliance, said an official.

“We have sent notices to 530 listed companies out of 4,262 companies that are eligible for trading. The total number of companies that are listed in BSE are 5,712 and out of them 1,450 have been suspended,” the official, who didn’t want to be named, told IANS over phone from Mumbai.

According to him, the BSE till date has issued advisory letters to 530 companies regarding levy of fines for non-appointment of women directors.

Markets regulator Securities and Exchange Board of India (SEBI) had stipulated listed companies should have at least one woman representative on their board. Several of the companied met the SEBI deadline of March 30 by finding suitable persons and some by appointing close relatives of promoters.

However, industry watchers said the BSE action will not be very effective.

According to SEBI, listed companies that comply with the norm between April 1-June 30 would be levied a fine of Rs.50,000.

For companies that comply with the stipulation between July 1—September 30, the fine will be a total of Rs.50,000 plus Rs.1,000 per day from July 1 till the date of compliance.

For listed companies that appoint women directors on or after October 1, the fine is Rs.142,000 plus Rs.5,000 per day from October 2015 till the date of compliance.

For any non-compliance beyond September 30, 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.

This is just so wrong..
Why it should be mandatory to appoint a Woman Director ?

 

[protest]

This is just so wrong..
Why it should be mandatory to appoint a Woman Director ?

Because they are half the population and there is something terribly wrong with the company that couldn't find a single qualified woman to fill a director position.

 

[[Bregs]]

what benefit will this incur to company or shareholder by compulsory having woman director on board ?

 

[nForce]

Because they are half the population and there is something terribly wrong with the company that couldn't find a single qualified woman to fill a director position.

Something even more wrong if you enforce it upon the companies. the companies job is to find the right person, and it is the woman's job to ensure and convince the board that she is suitable for it. You just cannot blame the effect, you have to go for the cause.

 

[Star Wars]

WTF, Gender biased reservation ??

 

[protest]

Something even more wrong if you enforce it upon the companies. the companies job is to find the right person, and it is the woman's job to ensure and convince the board that she is suitable for it. You just cannot blame the effect, you have to go for the cause.

Enforcing what? A BSE listed company should be trying very hard to not find woman to fill a director position considering there'll be tens of such positions in that company. Since 1 in 2 of us is a woman, it's really really discrimination of worst kind and should be punished accordingly.

 

[Echo_419]

Updated: July 15, 2015 17:25 IST
BSE cracks down on 530 companies without a woman director - The Hindu

Stock exchange BSE has cracked the whip on 530 companies that have not appointed a woman director, asking them to pay up the fine for non-compliance, said an official.

“We have sent notices to 530 listed companies out of 4,262 companies that are eligible for trading. The total number of companies that are listed in BSE are 5,712 and out of them 1,450 have been suspended,” the official, who didn’t want to be named, told IANS over phone from Mumbai.

According to him, the BSE till date has issued advisory letters to 530 companies regarding levy of fines for non-appointment of women directors.

Markets regulator Securities and Exchange Board of India (SEBI) had stipulated listed companies should have at least one woman representative on their board. Several of the companied met the SEBI deadline of March 30 by finding suitable persons and some by appointing close relatives of promoters.

However, industry watchers said the BSE action will not be very effective.

According to SEBI, listed companies that comply with the norm between April 1-June 30 would be levied a fine of Rs.50,000.

For companies that comply with the stipulation between July 1—September 30, the fine will be a total of Rs.50,000 plus Rs.1,000 per day from July 1 till the date of compliance.

For listed companies that appoint women directors on or after October 1, the fine is Rs.142,000 plus Rs.5,000 per day from October 2015 till the date of compliance.

For any non-compliance beyond September 30, 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.

Bad yahi dekhna rage gaya that

WTF, Gender biased reservation ??

Merit jaye Bach mein

 

[jaatram]

Big up feminism ... next stop, arrest men who are in touch with their feminine side.

 

[Styx]

WTF, Gender biased reservation ??

and we thought this administration would give a push to meritocracy over socialist style *** backward governance

fuk'd up

 

[Thəorətic Muslim]

Because they are half the population and there is something terribly wrong with the company that couldn't find a single qualified woman to fill a director position.

what benefit will this incur to company or shareholder by compulsory having woman director on board ?

The Secret Service decided that equality was a good idea, so they put a female agent at the front door of the White House. After some idiot subdued her with a 2.5 inch blade it turned posting her was a bad idea.

It's one thing to earn a coveted position, its quite another if you're given it based on your gender/ race/ ethnicity.

How much respect do you thing a female director will be given if she's hired so this BSE doesn't crack down on the company?

 

[Star Wars]

and we thought this administration would give a push to meritocracy over socialist style *** backward governance

fuk'd up

how is stock exchange related to govt. dicision ?

 

[protest]

The Secret Service decided that equality was a good idea, so they put a female agent at the front door of the White House. After some idiot subdued her with a 2.5 inch blade it turned posting her was a bad idea.

It's one thing to earn a coveted position, its quite another if you're given it based on your gender/ race/ ethnicity.

How much respect do you thing a female director will be given if she's hired so this BSE doesn't crack down on the company?

Seriously, we are talking secret service now? Coming to your example, it's the idiocy of the men who posted her at the front door I suppose that caused the incident rather than her own inabilities. In any case, we are talking about a publicly trading BSE firm not some secret service that require machoism to survive. It's the obligation of the company to provide equal opportunity and it must be very hard to just ignore half the population.

 

[Styx]

how is stock exchange related to govt. dicision ?

companies listed on the exchange are listed in the registrar of Indian companies first and fall under the ambit of the corporate affairs ministry of the government of India.

this will just lead to yet more corruption in the name of compliance, stupid socialist idea

 

[Star Wars]

companies listed on the exchange are listed in the registrar of Indian companies first and fall under the ambit of the corporate affairs ministry of the government of India.

this will just lead to yet more corruption in the name of compliance, stupid socialist idea

Blame the previous govt. that, currently there are a lot more important things on the table for this govt. to do. Maybe when these NGO's are wiped out and these activists are brushed aside the changes can be made...