The Securities and Exchange Board of India vide its notification dated 10th December 2020 has enabled e-voting to all the demat account holders by way of a single login credential, through their demat accounts and websites of depositories, in order to increase the efficiency of the voting process.
The Demat account holders would be able to cast their vote without having to register again with the ESPs, thereby, not only facilitating seamless authentication but also enhancing ease and convenience of participating in e-voting process.
The process for e-voting shall be implemented within 6 months of the date of the circular and shall be implemented in a phased manner.The first phase shall include direct registration with depositories or through demat account accounts with depository participants.
The authentication of shareholders would happen at the depository level and ESPs shall allow the Demat account holders to cast their vote based on the validation carried out by the Depository and the listed entity shall provide the details of the upcoming AGMs requiring voting to the Depository. The depository shall send SMS/email alerts in this regard, to the demat account holders, at least 2 days prior to the date of the commencement of e-voting.
Further the E-voting service providers may continue to provide the facility of e-voting as per the existing process to all physical shareholders and shareholders other than individuals viz. institutions/corporate shareholders.
