India’s Top 500 Listed Firms Have Just 9 Women CEOs, 25 MDs: Govt Data

Women remain significantly underrepresented in the top leadership ranks of India's largest listed companies, with only nine serving as chief executive officers and 25 as managing directors across the country's top 500 listed firms, the Parliament has been informed. 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 only nine women chief executive officers (CEOs) and 25 women managing directors (MDs), based on filings available in the MCA21 database.

The data showed that these 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 representation at the top remains limited, women's participation across the broader corporate ecosystem is significantly 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 about 2.14 million active companies and more than 506,000 active limited liability partnerships (LLPs), while nearly 1.55 million companies have been registered over the past decade. The government said it has not conducted any specific assessment of barriers that may be preventing women directors from progressing into senior leadership roles.

In his written response, Malhotra stated that the ministry had not separately studied the challenges affecting the advancement of women directors within corporate India. The minister also indicated that no new policy measures, incentives or diversity targets are currently under consideration, citing the existing legal framework governing the appointment of women directors. He 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 MCA also disclosed enforcement action taken against companies that failed to comply with the requirement of appointing 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 increased from two in 2021-22 to 10 in 2022-23 and peaked at 19 in 2023-24 before declining to 11 in 2024-25 and eight in 2025-26.

Disclaimer: "This story has been published from a syndicated news feed. Only the headline and subtitle have been edited by EPN."