- Recent developments (as of June 2025)
- Global markets and public equity ownership 2.2. Public equity ownership by investor category 2.3. Ownership concentration by market
- Corporate governance and institutional framework
- The rights of shareholders and key ownership functions
- The board of directors
- Corporate sustainability
OECD Corporate Governance Factbook 2025: India
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of India’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In February 2023, the Securities and Exchange Board of India (SEBI) rationalised methods to meet Minimum Public Shareholding (MPS) norms. New methods have been introduced for achieving MPS, including permitting promoters1 to sell up to 2% annually via the open market or up to 5%, if it leads to full MPS compliance. Further, MPS can also be achieved via Employee Stock Option Plan (ESOP) allotments (up to 2%) or transfer to SEBI registered Exchange-Traded Funds (ETFs) (up to 5%).
In June 2023, SEBI introduced a quantitative threshold for determining “materiality” of events / information. A stricter timeline was specified for disclosure of material events / information for which a decision has been taken in the meeting of the board of directors (within 30 minutes of the close of the meeting) and which are emanating from within the listed entity (within 12 hours).
The amendment to the Credit Rating Agency (CRA) Regulations in July 2023 explicitly brings ESG rating providers under SEBI’s regulatory perimeter. SEBI also issued a Master Circular for ESG rating providers, which sets out the procedural, disclosure and compliance obligations.
In July 2023, SEBI issued a Circular on Business Responsibility and Sustainability Reporting (BRSR) Core specifying the framework for assurance and ESG disclosures for the value chain. Frequently Asked Questions were also published.
In May 2024, SEBI amended the Regulations relating to listing obligations and disclosure requirements, to extend the timeline from 3 to 6 months for filling vacancies of key managerial personnel which require approval of statutory authorities and increased the maximum permitted time gap between two consecutive Risk Management Committee meetings from 180 to 210 days.
In December 2024, SEBI introduced a single filing system allowing listed entities to file relevant reports, documents etc. to one exchange, which will then be automatically disseminated at the other exchange(s). Integrated Filing Reports, i.e. Integrated Filing (Governance) and Integrated Filing (Financial), were also introduced to minimise the number of periodic submissions.
In December 2024, SEBI amended the regulations relating to listing obligations and disclosure requirements, to prescribe that market capitalisation-based compliance requirements for listed entities should be determined on the basis of average market capitalisation of 6 months instead of a single day’s market capitalisation. Further, a sunset clause of 3 years for cessation of applicability of market capitalisation-based provisions was also introduced.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
India |
4 952 |
|
15.5% |
USD 5 174 bn |
132.4% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Source: OECD Capital Market Series Dataset.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The full book is available in English: OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.
© OECD 2025
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← 1. Promoters are individuals who establish or control a company, often through significant shareholdings or management roles, while non-promoters include minority shareholders.
← 2. Note: “World” covers 98 jurisdictions.
← 3. Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.