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FM Nirmala Sitharaman looking for women to take up company board positions

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FM Nirmala Sitharaman looking for women to take up company board positions

FM Nirmala Sitharaman looking for women to take up company board positions
Finance Minister Nirmala Sitharaman on Monday said that Indian women are reluctant to join company boards.
"I have made a lot of attempts on my level as a minister in calling up some people and saying please, would you not want to come to a board? But, I have not had enough women coming," Sitharaman said.
"Get me those kinds of women who can be put on the boards. Where are they?" she asked at a meeting with leaders of the financial and capital markets.
What do rules state?
In the country, as per the Companies Act, 2013, it is mandatory to have at least one woman member on every board. Also, as per the Kotak committee recommendations, at least one independent woman director was to be there in the top 500 listed entities by the market capitalisation by April 01, 2019, and in the top 1000 listed entities by April 1, 2020
What does recent survey say?
A recent survey by Deloitte has said that there has been an increase in the representation of women in leadership roles in Indian corporates, with women holding 17.1 percent of the board seats in India in 2021, compared with 13.8women percent in 2018.

In 2021, only 3.6 percent of board chairpersons were women, compared with 4.5 percent in 2018, 3.2 percent in 2016, and 2.7 percent in 2014. The report also states near-parity in representation across the globe can only be reached in 2045.

The meeting
After Sitharaman said it was a serious issue that industry should help with, Revenue Secretary Tarun Bajaj said that over half of the Central Board of Direct Taxes now constitutes women.
Among the participants were the functioning heads of the stock exchanges, clearing corporations, depositories, mutual fund industry, stock brokerage firms, merchant bankers and credit rating agencies.
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