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Conflict of Interest

SES is committed to conducting its business with the highest degree of ethics and integrity in order to best serve our clients and to avoid conflicts of interest to the maximum extent possible.

We are aware of the sources of potential conflict of interests and have decided ab-initio to deploy firewalls to mitigate such situations.

Potential conflict of interests arise when an entity provides services to issuers on developing proposals to improve Corporate Governance and at the same time makes recommendations to investor clients on the same proposal. Another conflict of interest arises when an entity provides Corporate Governance advice to issuers and at the same time provides recommendations to investor clients with respect to proposals of the same issuer.

SES will not enter into any engagement that does not fall within our stated objectives. We do not offer consulting or advisory services to issuers. We do not advise public companies on their governance structures or conduct. We will not use our relationship with institutional investors as a leverage to win consulting assignments with public companies.

We endeavour to take every precaution necessary to ensure that our research is objective, unbiased and independent. We strive to ensure that our recommendations are transparent and follow guidelines stated to our clients. Our recommendations are based solely on publicly available information.

Additionally, we maintain safeguards/ firewalls to prevent other conflict of interests such as:

  • An issuer contacts SES to purchase a copy of its report prior to publication. SES as a policy does not sell any report prior to publication and all the interactions with the companies have audit trail.
  • An employee or advisor of SES serves as a director or an executive of a public company or has any material financial interest in a public company.
  • The user undertakes that he will not hold SES liable for any deficiency in the material on this website and/or for any consequences from use of such material.
  • An institutional investor client of SES is a public company or is in some way affiliated with an issuer.
  • A client submits a shareholder proposal or is soliciting shareholder support for or against a proposal.


None of the director or employees of the Company have any pecuniary relationship with any listed companies nor do they have any material association in or material shareholdings of any listed company.

Mr. J N Gupta owns shares of ABC Bearings, Antarctica, Assam Company, BAG Films and Media, BASF, Benares Hotels, Biocon, BPCL, Cable Corporation of India, Cubex Tubings, Datamatics Global Services, Dredging Corporation of India, Eveready Industries India, GAIL, GE Shipping, Givo, Globsyn Infotech, Great Offshore, Gujarat State Petronet, GV Films, HDFC Bank, Hind Oil Exploration, Hindustan Zinc, Hindalco, Hotel Leela Ventures, HPCL, Idea Cellular, IDFC, IFCI, India Steel Rolling Mills, Indian Hotels, INOX Leisure, IOCL, IVP, Jaiprakash Associates, Jaiprakash Power Ventures, JK Sugars, Kamat Hotels, Karuturi Global, Maruti Suzuki, Morgan Stanley, MRPL, MTNL, Murudeshwar Ceramics, NHPC, Noida Toll Bridge Company, NTPC, ONGC, Oriental Hotels, Patel Integrated Logistics, Petron Engineering Construction, Petronet LNG, Pricol, PTC India, Rama Petrochemicals, Reliance Capital, Reliance Industries, Reliance Communication, Reliance Infrastructure, Reliance Natural Resources, Reliance Power, RPG Transmission, Sabero Organics, Sakthi Sugars, Savera Industries, Sayaji Hotels, SBI, SKF India, Southern Online Bio Technologies, Suzlon Energy, Tata Chemicals, Tata Global Beverages, Tata Power, TCS, Ultramarine and Pigments, Union Bank of India, Universal Cables, UP Hotels, Usha Martin, Vikas Granaries, Vikas WSP, Vindhya Telelink, Zicom Security Systems.

Mr. Devendra Bhandari, in his own name or jointly with his wife owns shares of Aditya Birla Nuvo Limited, Essar Steel India Limited, Futura Polyesters Limited, Idea Cellular Limited, Mangalore Refinery And Petrochemicals Limited, Nagarjuna Fertilizers and Chemicals Limited, Nijjer Agro, Petronet LNG Limited, Reliance Industries Limited, Sesa Goa Limited, Suzlon Energy Limited, Tata Consultancy Services, Tata Steel Limited, IDFC Limited, Centum Electronics Limited, Chambal Fertilisers and Chemicals Limited, Coal India Ltd, Grasim Industries Limited, HDFC Bank Limited, Hindalco Industries Limited, Mangalam Timber, Murudeshwar Ceramics Limited, Nestle, Oil & Natural Gas Corporation Limited, Power Finance Corporation Ltd, Praja Engineers Syndicate Limited, Ultratech Cement Limited, Yes Bank Limited, Tata Motors (DVR), GSFC Limited and Dena Bank.