Market regulator Securities and Exchange Board of India (SEBI) today deliberated and approved the major overhaul of the code of conflicts of interest for board members of SEBI including the chairman.
After meeting with its Board on March 24, SEBI released a press statement saying that it will constitute a high-level committee (HLC) to undertake a comprehensive review of provisions relating to conflict of interest, disclosures pertaining to property, investments, liabilities etc. and related matters in respect of Members and Officials of the Board.
The HLC shall comprise of eminent persons and experts with relevant background and experience in constitutional/statutory/regulatory bodies, government/public sector, private sector and academia.
The idea is if SEBI expects disclosure from its regulated entities and companies then why its own board members should not follow the same.
SEBI Chairman Tuhin Kanta Pandey had announced at Moneycontrol-CNBC Global Wealth Summit that, “Trust and transparency are crucial not only for regulated entities but also for functioning of SEBI as well. A transparent and accountable regulatory framework fosters confidence and clarity in the market. Going ahead, we will endeavor to bring more transparency in the system including board disclosures.”
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