Market regulator Securities and Exchange Board of India ( Sebi) has constituted a high-level committee to review rules on conflict of interest and disclosures by its board members and officials. The move follows its March 24 board meeting amid criticism over alleged conflict involving former Chairperson Madhabi Puri Buch in Adani Group probes.
Chairman Tuhin Kanta Pandey, who took over the reins from Buch had announced the formation of a HLC on March 24. Pandey while speaking to the media had then highlighted Sebi's three mandates viz. protecting investors' interest, developing markets and regulating it.
The 6-member committee comprises Pratyush Sinha, Injeti Srinivas, Uday Kotak, G Mahalingam, Sarit Jafa and Prof. R Narayanaswamy.
Sinha is a retired IAS officer and former Chief Vigilance Commissioner and is the Chairman of the HLC.
Srinivas is a former Secretary in the Ministry of Corporate Affairs and has been appointed as the Vice Chairman of the HLC.
Uday Kotak is the Founder & Director of Kotak Mahindra Bank, Mahalingam is a former Whole Time Member of Sebi, Jafa is former Deputy Comptroller and Auditor General and Narayanaswamy a former professor at IIM Bangalore.
"The HLC shall comprehensively review and make recommendations for enhancing the existing framework for managing conflicts of interest, disclosures and related matters towards ensuring the high standards of transparency, accountability, and ethical conduct of Members and Officials of the Board," a Sebi release said.
The HLC is expected to submit its recommendations within three months from the date of constitution, which will then be placed before the Sebi board for consideration.
The regulator has listed terms of reference for the HLC which are as follows:
1. Review the existing policies and frameworks governing conflict of interest, disclosures and related matters and identify any gaps or ambiguities.
2. Recommend a robust framework for preventing, mitigating and managing conflict of interest including a recusal policy, disclosure requirements covering public disclosures, provisions pertaining to restriction on investments, maintenance of digital records and framework for monitoring, etc.
3. Recommend a mechanism for members of the public to raise concerns pertaining to conflict of interest, disclosures including process to examine complaints.
Chairman Tuhin Kanta Pandey, who took over the reins from Buch had announced the formation of a HLC on March 24. Pandey while speaking to the media had then highlighted Sebi's three mandates viz. protecting investors' interest, developing markets and regulating it.
The 6-member committee comprises Pratyush Sinha, Injeti Srinivas, Uday Kotak, G Mahalingam, Sarit Jafa and Prof. R Narayanaswamy.
Sinha is a retired IAS officer and former Chief Vigilance Commissioner and is the Chairman of the HLC.
Srinivas is a former Secretary in the Ministry of Corporate Affairs and has been appointed as the Vice Chairman of the HLC.
Uday Kotak is the Founder & Director of Kotak Mahindra Bank, Mahalingam is a former Whole Time Member of Sebi, Jafa is former Deputy Comptroller and Auditor General and Narayanaswamy a former professor at IIM Bangalore.
"The HLC shall comprehensively review and make recommendations for enhancing the existing framework for managing conflicts of interest, disclosures and related matters towards ensuring the high standards of transparency, accountability, and ethical conduct of Members and Officials of the Board," a Sebi release said.
The HLC is expected to submit its recommendations within three months from the date of constitution, which will then be placed before the Sebi board for consideration.
The regulator has listed terms of reference for the HLC which are as follows:
1. Review the existing policies and frameworks governing conflict of interest, disclosures and related matters and identify any gaps or ambiguities.
2. Recommend a robust framework for preventing, mitigating and managing conflict of interest including a recusal policy, disclosure requirements covering public disclosures, provisions pertaining to restriction on investments, maintenance of digital records and framework for monitoring, etc.
3. Recommend a mechanism for members of the public to raise concerns pertaining to conflict of interest, disclosures including process to examine complaints.
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