Sebi Panel Pushes for Comprehensive Reforms: A New Era of Transparency

A Sebi panel proposes comprehensive reforms to enhance transparency and address conflicts of interest among top officials. Recommendations include a secure whistleblower system, restrictions on gifts and post-retirement roles, and financial disclosures. These measures aim to align Sebi with international standards and strengthen its integrity.

A high-level panel has recommended sweeping reforms to bolster transparency within the Securities and Exchange Board of India (Sebi), focusing on the need for greater disclosures and a stringent zero-tolerance approach towards conflicts of interest among its senior officials.

The panel's recommendations to Sebi Chairman Tuhin Kanta Pandey include the establishment of a confidential whistleblower system, restrictions on post-retirement employment for two years, and the ban on lavish gifts. A proposed Chief Ethics and Compliance Officer would oversee the implementation of these measures.

With these changes, the committee aims to align Sebi with global best practices, enhancing its credibility and independence as a regulatory body. The proposals, submitted to the chairman earlier this month, underscore the urgent need for reform following recent allegations of partiality involving past officials.

(With inputs from agencies.)