The Securities and Exchange Board of India (SEBI) on Wednesday announced the formation of a high -level committee under the chairmanship of retired IAS officer and former Chief Vigilance Commissioner (CVC) Pratyush Sinha. Committee, SEBI officials and board members will conduct a comprehensive review of SEBI provisions regarding conflict, disclosure etc. in matters of investment, property and liabilities etc.
Former Secretary, Ministry of Company Affairs and former chairman of Gift City Regulatory IFSCA, Injeti Srinivas has been appointed as the vice -president of the committee. The decision to establish a high -level committee was first revealed in the board meeting of SEBI in March. This was the reason for the increasing concern of the conflict of interest among the board members.
Some prominent personalities in the six -member committee, such as Kotak Mahindra Bank founder and director Uday Kotak, former full -time member of SEBI and Executive Director of Reserve Bank G. Mahalingam, former Deputy Controller and Auditor General Sarita Jafa and former Professor R. of IIM Bangalore. Narayanaswamy is involved.
The regulator said, “The high -level committee will make a comprehensive review of the current structure of conflict, disclosure and management of these related issues and recommend improvement in them to ensure the highest level transparency, accountability and moral conduct between SEBI members and officials.” The committee also expects that it will submit its recommendations to SEBI’s board within three months. Its scope includes public disclosure, investment regulation and digitization and monitoring of records etc. Apart from this, it will also suggest a system so that people can report about the conflict of interest and the investigation process of such complaints will also be underlined.
Significantly, last year, there was a lot of upheaval for SEBI. Last year, Hindonburg Research (now a shut short -selling firm) accused SEBI’s former chairperson Madhavi Puri Buch of cases of conflict of interest. The opposition party Congress had further increased the dispute by alleging improper and undeclared sources of income. Buch and her husband continuously denied the allegations.
First Published – April 9, 2025 | 10:44 pm IST
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