9 Women CEOs Among India's Top 500 Listed Firms

India's top 500 listed companies have only nine women serving as chief executive officers and 25 as managing directors, according to government data.

This information was provided by Minister of State for Corporate Affairs Harsh Malhotra in response to a question in the Lok Sabha. The data is based on filings available in the MCA21 database and shows that these companies collectively have 860 women directors and board members.

The breakdown of women in leadership positions includes 738 directors, 67 whole-time directors, 25 managing directors, 18 additional directors, and 12 nominee directors. Additionally, 22 women serve as chief financial officers.

While women are underrepresented in top leadership positions, their participation in the broader corporate ecosystem is significantly higher. Around 1.16 million women are 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. Nearly 1.55 million companies have been registered over the past decade.

The government has not conducted any specific assessment of barriers that may be preventing women directors from progressing into senior leadership roles. According to Malhotra, the ministry has not separately studied the challenges affecting the advancement of women directors within corporate India.

No new policy measures, incentives, or diversity targets are currently under consideration. The existing legal framework governing the appointment of women directors is based on the Companies Act, 2013.

The Ministry of Corporate Affairs 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 totaling 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.

The underrepresentation of women in leadership positions in India's top companies is a significant issue. The government's data highlights the need for greater diversity and inclusion in the corporate sector.

In conclusion, the lack of women in top leadership positions in India's largest listed companies is a concern that needs to be addressed. While there are many women participating in the broader corporate ecosystem, more needs to be done to support their advancement into senior roles.