An internet-based e-voting platform will now allow shareholders to cast their votes electronically on company resolutions. The platform was inaugurated by minister for corporate affairs, Salman Khurshid, at a function by the Bombay Stock Exchange (BSE) and Central Depository Services Ltd on Tuesday.
Khurshid said it was a major step forward to bring greater transparency to the system. He wished the same could happen in the election of political representatives as well.
The e-voting platform has been developed by a wholly-owned subsidiary of Central Depository Services Ltd (CDSL), CDSL Ventures Ltd (CVL).
According to S S Thakur, chairman CVL, the system would empower shareholders to participate in the decision-making process of companies in which they have invested.
During the voting period investors can log in to the website using their demat account number and permanent account number (PAN) and password. Companies would benefit from the system with reduction in various cost of overheads current incurred on postal ballot.
The minister also announced that the year 2010 would be celebrated as the 'year of the investor' with various activities including seminars, workshops etc organised for greater investor participation and protection. He added that one week in December would be celebrated as India Corporate Week.