The Securities and Exchange Board of India on Monday decided to form a high-level committee to review provisions related to conflict of interest, disclosures, and related matters concerning its board members and officials.
The decision was made during SEBI's first board meeting under its new chairperson, Tuhin Kanta Pandey.
"The HLC needs to be constituted away from SEBI as an independent committee. It will comprise eminent persons and experts with relevant backgrounds and experience in constitutional, statutory and regulatory bodies, government, public sector, private sector and academia. The names of the HLC members will be announced in due course," Pandey said.
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The committee will conduct a comprehensive review of existing regulations on conflict of interest, covering property, investments, and liabilities of board members, according to a SEBI statement.
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"The day I had joined, I had mentioned that we will come up with a plan on how to handle the conflict of interest issue," Pandey highlighted.
The primary objective of the HLC is to strengthen SEBI's framework for managing conflicts of interest, ensuring transparency, accountability, and ethical conduct. The committee will submit its recommendations within three months from its formation, after which the board will consider them.
Pandey emphasised the fact that the regulator already has its conflict of interest rules under which recusals are done. "Our point is to see that of what is done, how much is actually disclosed to the public? SEBI is looking at whether recusals need to be done, as well as their need to be reported as a practice," he said.
Separately, in the board meeting, SEBI also raised the disclosure threshold for foreign portfolio investors to Rs 50,000 crore from Rs 25,000 crore in equity assets under management in Indian markets.
NDTV Profit was the first to report on Sunday that SEBI was planning to set up a high-level committee on this issue. Earlier, on March 7. Pandey, a former finance and revenue secretary, took charge as SEBI's chairperson for a three-year term.
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