SEBI To Review Members' Code Of Conduct, But Unlikely To Bring It Up In Next Board Meet: Sources

The Securities and Exchange Board of India will review the 2009 code of conduct for its board members and senior management, but the changes are unlikely to be discussed in the upcoming board meeting on March 24, according to the people in the know.

Although the code of conduct is in place since the last 16 years, SEBI is mulling over an update, given the fact that individuals with private sector background are now also part of the regulator.

“The new code of conduct will be aligned with international standards, with board members welcoming the new chairperson’s views on conflict of interest,” a person privy to the development told NDTV Profit.

Ensuring that any framework matches global best practices remains a priority, the person said. “Anything on conflict of interest will also have to be at par with international standards as well."

On whether the issue would be discussed at the upcoming SEBI board meeting on March 24, the sources indicated that further groundwork was needed.

On March 7, the newly appointed SEBI Chairperson Tuhin Kanta Pandey mentioned while speaking at a Mumbai event that the regulator will reveal any conflict of interests of its board members.

Pandey, who was serving as the finance and revenue secretary, was recently named as the chief of SEBI for a three-year term.

A 1987-batch IAS officer of Odisha cadre, Pandey has held several key positions in the government. He has served as the secretary of Department of Investment and Public Asset Management, Department of Public Enterprises and the Department of Personnel and Training. He oversaw critical reforms, including the privatisation of Air India and the public listing of Life Insurance Corporation of India.