The high-level committee (HLC) on conflict of interest, disclosures and related matters for members and officials of the Securities and Exchange Board of India has submitted its final report to Sebi Chairman Tuhin Kanta Pandey.
The development marks a potential step towards tightening governance norms at the regulator. The report was handed over at Sebi Bhavan in Mumbai on November 10.
The market regulator had constituted the HLC at its March 24 board meeting to comprehensively review provisions governing conflict of interest and the disclosure of property, investments and liabilities by its members and officials.
The move came amid allegations of conflict of interest raised by now-defunct Hindenburg Research against then Sebi chairperson Madhabi Puri Buch.
The committee was chaired by Pratyush Sinha, former chief vigilance commissioner, with Injeti Srinivas, former secretary, ministry of corporate affairs, and ex-IFSCA chairman, as vice-chairman.
The terms of reference for the HLC were to review existing policies and frameworks on conflict of interest and disclosures to identify gaps or ambiguities.
Further, to recommend a stronger framework to prevent, mitigate and manage conflicts of interest -- covering new recusal policies, expanded disclosure requirements, restrictions on investments, digital recordkeeping and more. -- Business Standard