Journey of institutional investors, from IPO cheerleaders to silent stewards
Synopsis
Five years after stewardship codes were made mandatory for MFs and AIFs, India has achieved procedural compliance at scale, but there is little evidence of meaningful influence on governance outcomes.
Recent episodes of promoter share sales soon after high-profile IPOs have once again exposed a persistent fault line in Indian capital markets. Questions around valuation discipline, the credibility of listing-time assurances, and the stark contrast between public enthusiasm and insider behaviour sit squarely within the remit of institutional stewardship. Yet, the institutional response has been largely formulaic; standard disclosures noting
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