SEBI expert Panel proposes Framework for Proxy Advisory Firms

Current context: An expert panel constituted by SEBI has proposed a framework for proxy advisory firms.

• The 6 member panel was headed by Sandeep Parekh, founder of Finsec Law Advisors.
• The recommendations of the panel were aimed at managing conflict of interest and ensuring independence to proxy advisory firms.
• A proxy advisory firm provides voting recommendations on resolutions of listed companies to their minority shareholders.
• The panel has suggested that SEBI should be the platform to handle disputes between proxy advisory firms and listed companies.
• The panel has said that the board of proxy advisors shall be independent of shareholders to avoid a serious conflict of interests.
• Now, the proxy firms will have to disclose their processes and give justification for the recommendations made by them.
• The panel has suggested that proxy advisory firms should only give voting recommendations and should refrain from offering any other remunerative services.
• The expert panel has suggested SEBI provide a code of conduct for the foreign proxy advisors.
• The domestic proxy firms are regulated presently under SEBI (Research Analysts) Regulations, 2014.

Question: 

Q.1 The domestic proxy advisory firms are regulated under?
a. SEBI Act 1992
b. SEBI (Research Analysts) Regulations, 2014
c. SEBI (Settlement Proceedings) Regulations, 2018
d. SEBI (Procedure for Search and Seizure) Repeal Regulations, 2015