Only 9 women CEOs, 25 MDs among India’s top 500 listed firms: Govt
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Women remain significantly underrepresented in the top leadership positions of India’s largest listed companies, with only nine serving as chief executive officers (CEOs) and 25 as managing directors (MDs) among the country’s top 500 listed firms, according to data presented in Parliament.
Responding to a question in the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra said the top 500 listed companies by turnover had nine women CEOs and 25 women MDs, based on filings available in the MCA21 database.
The companies collectively had 860 women directors and board members. This included 738 directors, 67 whole-time directors, 25 managing directors, 18 additional directors and 12 nominee directors. The companies also reported 22 women chief financial officers (CFOs).
While women's representation at the highest levels remains limited, their participation across the broader corporate sector is considerably higher. According to the ministry, around 1.16 million women are currently associated with active companies as directors, out of a total director base of 3.9 million across the country.
India currently has around 2.14 million active companies and more than 506,000 active limited liability partnerships (LLPs). Nearly 1.55 million companies have been registered over the past decade.
The government said it had not conducted any specific assessment of the barriers preventing women directors from progressing into senior leadership positions. In his written response, Malhotra said the ministry had not separately studied the challenges affecting the advancement of women directors in corporate India.
The minister also said that no new policy measures, incentives or diversity targets are currently under consideration, citing the existing legal framework governing the appointment of women directors.
Malhotra added that the Companies Act, 2013, does not define the positions of “Chairperson” or “Chief Technology Officer” and, therefore, the ministry does not maintain data on those posts.
The Ministry of Corporate Affairs (MCA) also disclosed enforcement action against companies that failed to comply with the requirement to appoint women directors. Between 2021-22 and 2025-26, Registrars of Companies passed 50 adjudication orders and imposed penalties totalling Rs 71.01 lakh for such violations.
The number of adjudication orders rose from two in 2021-22 to 10 in 2022-23 and peaked at 19 in 2023-24. It subsequently declined to 11 in 2024-25 and eight in 2025-26.
With IANS inputs