The Securities and Exchange Board of India vide its notification dated 31st December 2020 has modified the Procedural Guidelines for Proxy Advisors.
SEBI has stated that the Proxy Advisors shall alert clients, within 24 hours of receipt of information, about any factual errors and any impending material revisions to their reports.
Further, any such material revisions to their reports shall be communicated to the clients within 72 hours of receipt of the information, while ensuring that adequate time is available for clients to make an informed decision.
The Above revised condition shall be applicable with effect from 1st January 2021.
