SEBI High-Level Committee Submits Report on Conflict of Interest and Disclosure Norms

A committee set up by the Securities and Exchange Board of India (SEBI) has submitted its report on improving rules related to conflict of interest and disclosures among SEBI officials. The panel is led by former Chief Vigilance Commissioner Pratyush Sinha. It shared the findings with SEBI Chairperson Tuhin Kanta Pandey on Monday, taking a step toward stronger internal governance at the regulator.

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Background and Purpose

The SEBI board formed the committee after its meeting on March 24, 2025. The group was asked to review how officials disclose their assets, investments, and liabilities, and to check existing safeguards against conflicts of interest. This review followed allegations against former SEBI Chairperson Madhabi Puri Buch regarding her role in matters involving the Adani group—allegations denied by both Buch and the company.

Main Suggestions of The Panel

The report calls for a tighter system to identify and handle conflicts of interest. It proposes a clear recusal policy for cases where personal or family connections could affect official work. It also recommends stronger disclosure rules, including public statements of assets and limits on personal investments by SEBI staff and board members.

Public Complaint Channel and Digital Oversight

The panel suggested creating a public platform to report possible conflicts or non-disclosures, supported by a defined process to review such complaints. It further advised keeping all records in digital form and setting up a system to monitor compliance on an ongoing basis. The committee included Injeti Srinivas (Vice Chairman), Uday Kotak, G Mahalingam, Sarit Jafa, and R Narayanaswamy, adding strong expertise and credibility to the report.

Next Steps

SEBI’s board will study the recommendations before putting any changes into effect. This move reflects SEBI’s effort to strengthen ethics, improve transparency, and maintain trust in India’s financial markets.