Sebi Chairman says each order speaks for itself amid questions on exchanges’ conflict of interest in Jane Street case

SEBI Chairperson Tuhin Kanta Pandey on Friday declined to be drawn into speculation over whether the regulator would act against stock exchanges on conflict-of-interest grounds.

At the post-board meeting press conference, Pandey was asked if exchanges faced a conflict between maximising trading volumes and disciplining errant participants. “My comments will be undesirable, on camera, and off camera, my conscience will not allow,” he said, adding that the regulator’s role is to ensure decisions are based on due process.

He emphasised that SEBI’s work is grounded in transparency and independence. “SEBI also derives sustenance from certain activities. We draw fees from IPOs, but that doesn’t mean we clear IPOs just like that because we get fees. The whole structure can fall otherwise,” he said.

Pandey stressed that every SEBI order is considered separately and judged on its merits. “Every order has to be taken on board separately and speaks for itself. The outcomes have to be seen,” he said.