As SEBI is a market regulator, certain level of accountability is of a higher order: SEBI chief

Pandey added that on the public space, there is a need to shed a level of privacy to do a public function. "We moved towards more of transparency at the cost of privacy," he added.

When it comes to regulatory oversight and transparency, as a market regulator, SEBI has certain levels of accountability. "Since SEBI is a market regulator, certain level (of accountability) is of a higher order," SEBI Chairperson Tuhin Kanta Pandey said.

He explained, "If you really see accountability in Indian context, we have many eyes. It is the problem of many hands and many eyes... There is an accountability to judiciary, to the Parliament, to the media, to our internal organisational structure. The question is on how much accountability should be there but there is also right to privacy to be taken care of. .." Pandey added that on the public space, there is a need to shed a level of privacy to do a public function. "We moved towards more of transparency at the cost of privacy," he added.

The board of the Securities and Exchange Board of India (SEBI) has decided to set up a high-level committee to review conflict of interest and disclosures made by members and officials of the board of the capital market regulator. The announcement was made as a part of the SEBI Board meeting on March 24. This is the first meeting under new chairperson Tuhin Kanta Pandey. This announcement has come amidst recent allegations made against the former SEBI chairperson Madhabi Puri Buch. "Trust is needed to be built," he added.