NEW DELHI: After police force will there be reservation for women in corporates? It could be if women and child development minister Maneka Gandhi has her way. The minister has sought 30% reservation for women on the board of listed companies.

In a letter to SEBI, Maneka has also expressed concern that the overwhelming number of women nominated on boards are relatives of promoters and work only as figureheads.

She has also expressed intention to discuss the issue of increasing participation of women in corporates with the promoters.

The capital markets watchdog Sebi had issued guidelines in February 2014 asking companies to appoint at least one woman director on their board by October 1, 2014 which was later relaxed to April 1, 2015.

The minister’s letter comes in the backdrop of over 2000 listed companies still not having women on their boards despite the SEBI directive. The latest deadline for this affirmative action was April 15. According to the finance ministry of the 1,624 companies listed on the NSE, 1,361 companies have complied, while 263 companies or 16% have not complied with Sebi’s women director norm while of the 5,305 companies listed on BSE, 3,290 companies have complied with and 2,015 companies or 38% still do not have women directors on their boards.

Maneka in her communication said India must conform to international standards and ensure that affirmative action must be met. She has also asked Sebi for a progress report on the issue.

Countries like Germany and Scandinavian countries have laid down regulations on the minimum number of women directors. Germany has ruled that 40% of members should be women while Scandinavian countries mandate two women directors on board. Countries like Australia, America and UK have a voluntary compliance.

According to the present rules, non-compliant firms will have to pay a monetary fine and can escape further regulatory action if they comply within next six months, till September 30.

The listed companies complying between April 1 and June 30 will have to pay only Rs 50,000. Those complying between July 1 and September 30 this year would need to pay Rs 50,000 and an additional Rs 1,000 per day till compliance.

The listed companies complying on or after October 1, 2015 will have to pay Rs 1.42 lakh, plus Rs 5,000 per day till the date of compliance.