Published Paper Details:

Introduction: The introduction outlines the evolution of corporate governance in India, focusing on how regulatory reforms and globalisation have reshaped shareholder participation. It frames the research problem of limited minority influence in promoter-driven firms and sets objectives to evaluate evolving patterns, activism's role, and its impact on governance outcomes. Literature Review: The literature review has developed an understanding of shareholder participation and its changing role in India. The literature is studied to analyse the relation of shareholder participation to the different aspects of the businesses, like decision-making and performance. Theories like Agency theory and Stakeholder theory have helped to reinstate the studies. Methodology: The researcher has used the secondary data collection method in this research. The researcher has used the positivism philosophy and descriptive design for developing the data collection and research framework.Secondary data sources, doctrinal analyses, and empirical studies were reviewed systematically using PRISMA. Thematic analysis identified patterns of participation and activism, ensuring reliability through strict inclusion criteria, quality appraisal, and adherence to academic and ethical standards. Findings and Analysis: The findings reveal three themes: institutional investors and proxy advisors driving governance change, ownership structures shaping outcomes, and persistent gaps between legal reforms and practice. While institutional activism enhances transparency, promoter dominance and weak retail involvement restrict inclusivity. Sectoral differences further illustrate uneven governance improvements across industries and ownership models. Discussion: The discussion synthesises findings with literature, showing alignment on activism's role in transparency and accountability but divergence on performance impacts. Objectives are addressed by tracing evolving patterns, linking activism with governance, and examining effects on board decisions. Persistent institutional and cultural barriers demonstrate gaps between legal frameworks and practical realities. Conclusion:The conclusion summarises that shareholder participation in India has advanced through reforms, institutional activism, and technology, yet remains constrained by promoter dominance and weak retail involvement. Governance practices show improvements in disclosure and accountability but inconsistent performance outcomes. Shareholder democracy in India is progressing, though significant systemic barriers persist.