Depositories Unite to Enhance Shareholder Power with Integrated Proxy Advisor Voting

In a landmark move for India's capital markets, the National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) have joined forces to empower retail investors. A new feature, launched on their respective e-Voting platforms, now provides shareholders with direct access to expert recommendations from leading proxy advisory firms, aiming to foster more informed and active participation in corporate governance.

The initiative was officially unveiled by SEBI Chairman Tuhin Kanta Pandey on July 7, 2025, highlighting the regulator's commitment to enhancing transparency and inclusivity for investors across the country.

Bridging the Information Gap for Retail Investors

This groundbreaking feature is now live on NSDL’s SPEED-e portal and CDSL’s MyEasi application. It seamlessly integrates research and voting recommendations from three of India’s prominent SEBI-registered proxy advisory firms:

• Stakeholders Empowerment Services (SES)
• Institutional Investor Advisory Services (IiAS)
• InGovern Research Services

Until now, retail shareholders often lacked access to the in-depth analysis required to vote on complex company resolutions. This integration democratizes access to expert advice, allowing every investor to make decisions with greater confidence.

Key Features for Empowered Voting:

• Access Expert Analysis: Investors can now view and compare recommendations from multiple proxy advisors for each resolution directly within the e-Voting interface.
• Simplified Voting: A "Vote as per Proxy Advisor’s Recommendation" option allows for quick and informed voting.
• Flexible Decision-Making: Shareholders retain full control and can modify their vote at any time before final submission.
• Informed Participation: The tool equips investors to move from passive shareholders to active, engaged participants in a company's strategic decisions.

A New Era of Corporate Governance

Speaking at the launch event, SEBI Chairman Tuhin Kanta Pandey emphasized the significance of the e-Voting process in modern governance. "Access to proxy advisory recommendations empowers investors to make well-informed decisions," he stated. "This collaboration among depositories is a progressive step toward investor empowerment and inclusive, technology-driven governance."

Leaders of both depositories echoed this sentiment, framing the initiative as a pivotal moment for investor services in India.

Vijay Chandok, MD & CEO of NSDL, commented, “This feature exemplifies our commitment to equipping investors with the tools needed to be informed and active stakeholders. We aim to foster a resilient, trustworthy market ecosystem.”

Similarly, Nehal Vora, MD & CEO of CDSL, added, “By embedding proxy advisor insights into the e-Voting process, we are handing decision-making power directly to the investors. It is a milestone in our mission to improve investor services through innovation and technology.”

This collaborative effort between NSDL and CDSL marks a significant advancement in the mission to strengthen the foundations of corporate governance in India, placing the power of informed decision-making firmly in the hands of the shareholder.