SEBI’s board meeting on Monday led to the decision to form a High-Level Committee to conduct a thorough review of conflicts of interest and disclosures among its board members. The committee will focus on examining provisions related to conflict of interest, disclosures of property, investments, liabilities, and other relevant matters concerning board members and officials.
Expected to submit its recommendations within three months of formation, the HLC aims to enhance the current framework for managing conflicts of interest and disclosures. The goal is to uphold high standards of transparency, accountability, and ethical conduct among board members.
Comprised of individuals with backgrounds in constitutional, statutory, and regulatory bodies, government, public sector, private sector, and academia, the HLC will analyze the existing disclosure norms. This move comes after former chairperson Madhabi Puri Buch faced allegations of conflict of interest in the Adani Group probe.
The appointment of the HLC signifies SEBI’s commitment to addressing concerns around conflicts of interest and ensuring a robust governance framework. The new Chairperson, Tuhin Kanta Pandey, stressed the importance of transparency and ethical conduct within the organization. The review by the HLC is expected to lead to improvements in corporate governance norms at SEBI.
