Sebi Board Aims for Greater Transparency with High-Level Reforms

The Sebi board plans to discuss a report urging public disclosure of assets by senior officers to prevent conflicts of interest, with additional reforms in mutual fund and stock broker regulations. The agenda includes relaxed KYC norms for NRIs and a new closing-auction session.

The Securities and Exchange Board of India (Sebi) is set to deliberate on comprehensive reforms aimed at enhancing transparency and conflict-of-interest prevention during its fourth meeting chaired by Chief Tuhin Kanta Pandey. A high-level panel has recommended that senior officials disclose their assets publicly, among other significant measures.

The board's agenda also includes relaxing KYC requirements for NRIs and introducing a closing-auction session. These came as part of a broader initiative to overhaul existing mutual fund and stock broker norms to enhance transparency and simplify compliance processes, according to officials.

The panel's report, submitted on November 10, suggests setting up an anonymous whistleblower system and banning costly gifts, along with imposing a two-year post-retirement restriction on assignments for senior officers. Key proposals in the mutual fund sector include revising the Total Expense Ratio and redefining brokerage charges to ensure streamlined compliance.

(With inputs from agencies.)