Who We Are

Institutional Investor Advisory Services India Limited (IiAS) is an advisory firm, dedicated to providing participants in the Indian market with independent opinions, research and data on corporate governance and ESG issues as well as voting recommendations on shareholder resolutions for about 800 companies that account for over 95% of market capitalization.

IiAS provides bespoke research and assists institutions in their engagement with company managements and their boards. It runs two cloud-based platforms, SMART to help investors with reporting on their stewardship activities and ADRIAN, a repository of resolutions and institutional voting patterns.

IiAS together with the International Finance Corporation (IFC) and BSE Limited, supported by the Government of Japan, and developed a Corporate Governance Scorecard for India. The company specific granular scores based on an evaluation of their governance practices, together with benchmarks, can be accessed by investors and companies.

More recently, IiAS has extended its analysis to ESG – Environment, Social and Governance. IiAS has worked with some of India’s largest hedge funds, alternate investment funds and PE Funds to guide them in their ESG assessments and integrate ESG into their investment decisions.

IiAS’ shareholders include Aditya Birla Sunlife AMC Limited, Axis Bank Limited, Fitch Group Inc., HDFC Investments Limited, ICICI Prudential Life Insurance Company Limited, Kotak Mahindra Bank Limited, RBL Bank Limited, Tata Investment Corporation Limited, UTI Asset Management Company Limited, and Yes Bank.

IiAS is a SEBI registered research entity (proxy advisor registration number: INH000000024).

Management

Hetal Dalal

Hetal Dalal (President and Chief Operating Officer)

'Prior to joining IiAS, Hetal Dalal was Director, Ratings Business Development at CRISIL Limited. She held leadership roles across several business verticals during her stint at CRISIL. Her experience spans analytics, operations, and business development. Hetal holds an MMS (Finance) degree from NMIMS and is a Chartered Accountant.'

Amit Tandon

Amit Tandon (Founder and Managing Director)

Prior to starting IiAS, Amit was the Managing Director of Fitch Ratings (- till June 2011), where he was responsible for its Indian and Sri Lankan businesses. While at Fitch he was closely associated with the development of the debt market Prior to joining Fitch, Amit was Senior Vice President and Head of Corporate Banking at ICICI Securities, responsible for the capital markets (both debt and equity), M&A and advisory business. Amit Tandon has a Bachelors in Economics from St. Stephens College, University of Delhi, MBA from Faculty of Management Studies, University of Delhi, and an MPhil in Economics and Politics of Development from University of Cambridge

Board of Directors

Anil Singhvi

Anil Singhvi (Founder, Non-executive Director)

Anil Singhvi, Chairman ICAN Investments Advisors Private Limited, has over 30 years of experience in the corporate sector. He has 22 years of experience with Ambuja Cements Limited, including as its Managing Director & CEO. He is also a Founder Director of Foundation for Liberal and Management Education (FLAME). FLAME imparts liberal arts education to undergraduate students; it also has a business school and a school of communication. Anil Singhvi is closely associated with SAMPARC an NGO that helps over 700 destitute children. He is also on the Indian advisory board of Habitat for Humanity, an NGO involved in construction of houses for needy and poor people.

Deven Sharma

Deven Sharma (Independent Non-Executive Director)

Deven Sharma served as President, Standard & Poors, a Division of The McGraw-Hill Companies from 2007 to 2011.Prior to that, Deven Sharma worked for Booz Allen Hamilton for 14 years and led its strategy, operations performance, sales and marketing, and global expansion engagements for service, marketing and information-intensive companies. He left the company as a partner, and joined McGraw-Hill in 2002. He moved to Standard & Poors (a division of McGraw-Hill) in 2006 as Executive Vice President, Investment Service and Global Sales, before serving as its President. Deven Sharma holds a Bachelor’s degree from Birla Institute of Technology, a Master’s degree from University of Wisconsin-Milwaukee and a Doctoral in Business Management from Ohio State University.

V. Srinivasan

V. Srinivasan (Independent Non-Executive Director)

V. Srinivasan is a banking veteran and market expert with more than three decades of experience in financial services. He last served as the Deputy Managing Director of Axis Bank before setting up his own Advisory practice in 2019. As a financial advisor, he has worked with a leading international consulting firm, a sovereign wealth fund, a large corporate group, a NBFC group and a private sector bank. Before joining Axis Bank, Mr. Srinivasan was Managing Director and Head of Markets with J. P. Morgan, India. He was also the CEO, J P Morgan Chase Bank in India. He has served on various RBI Committees including the Technical Advisory Committee, Committee for Repos and Committee for STRIPS. He has also held the positions of Chairman, Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Chairman, Primary Dealers Association of India (PDAI). He holds an engineering degree from the College of Engineering, Anna University, Chennai and is an MBA from the Indian Institute of Management, Calcutta.

Alok Vajpeyi

Alok Vajpeyi (Independent Non-Executive Director)

Alok Vajpeyi’s career in financial services and governance spans nearly 40 years across UK, Asia and India in global capital markets, investment and wealth management and later as a successful entrepreneur. He has worked with EY in London and held senior positions in global institutions such as Swiss Bank Corporation in London and Asia, Barclays Bank in Asia and India, DSP Merrill Lynch, DSP Blackrock and Daiwa in India. He has worked closely with Indian regulators such as SEBI, AMFI, RBI and Exchanges - BSE and NSE - in various capacities and committees, and as External Adviser to DIT (UK Government) Government in India on Fintech. Since 2012 Alok Vajpeyi continues to be a Strategic Advisor, Entrepreneur, Investor and Board Director across a diverse set of companies. Alok is an Associate Member of the Institute of Chartered Accountants in England & Wales, having received a BSc (Econ) degree specializing in International trade & development, from the London School of Economics.

Amit Tandon

Amit Tandon (Founder and Managing Director)

Prior to starting IiAS, Amit was the Managing Director of Fitch Ratings (- till June 2011), where he was responsible for its Indian and Sri Lankan businesses. While at Fitch he was closely associated with the development of the debt market Prior to joining Fitch, Amit was Senior Vice President and Head of Corporate Banking at ICICI Securities, responsible for the capital markets (both debt and equity), M&A and advisory business. Amit Tandon has a Bachelors in Economics from St. Stephens College, University of Delhi, MBA from Faculty of Management Studies, University of Delhi, and an MPhil in Economics and Politics of Development from University of Cambridge

Policies

Policy on Prevention of Sexual Harassment

IiAS is an equal employment opportunity company and is committed to creating a healthy working environment that enables employees to work without fear of prejudice, gender bias and sexual harassment. The Company also believes that all employees have the right to be treated with dignity. Sexual harassment at the workplace or other than workplace, if involving employees is a grave offence and is, therefore, punishable.

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Code of Conduct

IiAS' employees and others performing work for IiAS or on its behalf are expected to act lawfully, honestly, ethically, and in the best interests of the company while performing duties on behalf of the company. The Code of conduct provides some guidelines for business conduct required of IiAS’ personnel.

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Nomination and Remuneration Policy

This policy is formulated under the requirements of the Companies Act, 2013. It shall act as a guide on matters relating to the appointment, remuneration, removal and evaluation of performance of Directors, Key Managerial Personnel and other employees.

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Securities Trading Policy

IiAS is a proxy advisory firm dedicated to providing market participants with data, research and opinions on corporate governance issues. Our voting advisory reports recommend how investors should vote on shareholder resolutions – these do not carry any buy or sell recommendations

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IiAS Voting Recommendations’ Methodology and Process

A brief note outlining the method and process that IiAS’ analysts follow in arriving at voting recommendations

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Website Privacy Policy

In general, this Website may be visited without revealing information about yourself. However, you should be aware that in order to access certain features of this Website.

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Review and Oversight Committee

The Review and Oversight Committee (ROC) has been constituted to oversee the voting recommendations published by IiAS on shareholder resolutions put forward by Indian companies.

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Management of Conflicts of Interest Policy

IiAS has a responsibility to ensure that it preserves the integrity of its research, its objective and the public’s trust. This policy aims to prevent and mitigate conflicts of interest, or even the appearance of a conflict of interest or impropriety resulting from other business activities undertaken by IiAS – specifically for its voting advisory services

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Policy on Communication with Investors, Companies, and Media

As part of its business, employees of IiAS are required to periodically communicate with companies, investors, and media. This policy lays down the basis of IiAS’ communication with such stakeholders, with specific context to its voting advisory and engagement services. This policy does not apply to ‘Institutional EYE’ research and bespoke research policy on Communication with Investors, Companies, and Media

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Disclosures

IIAS Shareholders

Our shareholders include: Aditya Birla Sunlife AMC Limited, Axis Bank, Fitch Group Inc., HDFC Investments, ICICI Prudential Life Insurance, Kotak Mahindra Bank, RBL Bank, Tata Investment Corporation, UTI Asset Management and Yes Bank. In addition, the following individuals own equity shares in the company: Amit Tandon, Anil Singhvi, Deven Sharma, Hetal Dalal, and R Jayakumar.

IiAS Securities Holding Statement

IiAS may, from time to time, own nominal shares in companies that form a part of its coverage list for its voting advisory services. IiAS typically holds one equity share in all listed companies under its coverage list - however, current holdings may be different on account of corporate actions (bonus issues, stock splits, mergers, and acquisitions). The holdings are updated at regular intervals.

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Appointment Letter for Independent Directors

Letter of appointment issued to independent directors

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