SEBI's Push for Transparency: Mandatory Asset Disclosures Recommended

A high-level committee has recommended increased transparency for SEBI members, urging asset and liability disclosures. Chaired by Pratyush Sinha, the committee suggests disclosures for SEBI employees, board members, and appointees to address conflict-of-interest concerns. The recommendations follow allegations against former SEBI Chairperson Madhabi Puri Buch regarding conflicts with the Adani group.

A high-level committee has called for enhanced transparency within the Securities and Exchange Board of India (SEBI) by recommending that the chairman and senior officers publicly disclose their assets and liabilities. This move aims to boost accountability and transparency within the regulatory body.

The committee, led by former Chief Vigilance Commissioner Pratyush Sinha, suggests that all SEBI board members and employees make various disclosures, including initial, annual, and exit declarations of assets, liabilities, trading activities, and other interests. These details are to be submitted to SEBI's Office of Ethics and Compliance and its Oversight Committee.

Prompted by past allegations against former Chairperson Madhabi Puri Buch concerning conflicts of interest, the committee's report emphasizes the need for systematic disclosure mechanisms. This includes adjustments to current policies and a method for public grievances relating to conflicts. The recommendations come in response to the review initiated in March by the board under current SEBI Chairman Tuhin Kanta Pandey.

(With inputs from agencies.)