Market participants
Proxy advisors (IiAS, InGovern, SES)
Firms that analyse shareholder resolutions and recommend how institutional investors should vote.
Background
India's main proxy advisors are Institutional Investor Advisory Services (IiAS), InGovern Research Services and Stakeholders Empowerment Services (SES). They are regulated by SEBI.
Scope and powers
They publish voting recommendations on director appointments, executive pay, related-party transactions and other resolutions, and some run governance scorecards and ESG research.
Investor relevance
Their recommendations influence how mutual funds and foreign investors vote, especially on contested resolutions. Read the reasoning, not just the "for" or "against".
Related guides
Key glossary terms
Last reviewed: October 2026