The Securities and Exchange Board of India (SEBI) last year imposed a quota of at least one female director on the board of every listed firm, and last month SEBI head U.K. Sinha warned of "very serious" consequences if companies did not comply.
Despite a last-minute rush of appointments to meet the April 1 deadline, more than 100 firms have not complied, and many of those which have, have responded by installing company bosses' female relatives with no professional experience, analysts said.
"It's a mockery of the law. The compliance has substantially been done in letter and not in spirit," Pranav Haldea, Managing Director of PRIME Database, a market research group, told the Thomson Reuters Foundation.
"More than half the companies have appointed their relatives onto the board, who will speak in the same voice as their promoters and so the diversity being sought by SEBI has been defeated."
Read article by Nita Bhalla from Thomson Reuters Foundation.