SEBI plans to simplify e-voting process for shareholders

To enable e-voting through a single login credential, Sebi after consultation with the depositories and ESPs suggested a mechanism wherein demat account holders may access e-voting portals of multiple ESPs through web-based services provided by depository participants or depositories.

“There are multiple e-voting service providers providing e-voting facility to listed entities in India. This necessitates registration on various ESPs and maintenance of multiple user IDs and passwords by shareholders. Multiple login credentials, apart from being cumbersome for the shareholders to remember, are also prone to misuse,” Sebi said.

It has proposed authentication of shareholders 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. To enable demat account holders to cast vote on different ESP portals without having to register again with the ESPs, Sebi has proposed two mechanisms. Sebi suggested direct registration with depositories wherein, after the initial one-time registration, shareholders would be able to access the e-voting facilities through mobile or e-mail based OTP verification. Shareholders would be able to access the e-voting links of ESPs without further authentication by ESPs for participating in the e-voting process.

Alternatively, demat account holders will have the option of accessing various ESP portals directly from their demat accounts, through the facility provided by the depository.