Capital market regulator Sebi has set up a high-level committee to draft a framework on disclosure norms for its top management and other senior executives.
The plan was announced by chairman Tuhin Kanta Pandey at the last board meeting of the markets watchdog. The panel will “undertake a comprehensive review of the provisions relating to conflict of interest, disclosures pertaining to property, investments, liabilities etc., and related matters in respect of the members and officials of the Board.”
The committee members will be Pratyush Sinha, IAS (Retd.), former chief vigilance commissioner who will be the chairman of the panel, with Injeti Srinivas, IAS (Retd.), former Secretary, Ministry of Corporate Affairs & former Chairman, IFSCA - as Vice Chairman; Uday Kotak of Kotak Mahindra Bank; G Mahalingam, ex executive director of RBI and former whole-time member of SEBI and Sarit Jafa, IA&AS (Retd.), former Deputy Comptroller and Auditor General, Prof. R Narayanaswamy, former professor, IIM, Bangalore as members.
“The panel shall review and make recommendations for enhancing existing framework for managing conflicts of interest, disclosures and related matters towards ensuring the high standards of transparency, accountability\ and ethical conduct of sebi members and officials.” The terms of reference of the panel include the following: Review existing policies and frameworks governing conflict of interest, disclosures & related matters and identify gaps or ambiguities; recommend a robust framework for preventing, mitigating and managing conflict of interest including a recusal policy, disclosure requirements covering public disclosures, provisions pertaining to restriction on investments, maintenance of digital records and framework for monitoring, etc.