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Informist, Wednesday, Jul. 15, 2026

MUMBAI - The Securities and Exchange Board of India Wednesday made public a new code of conduct for its board members to manage conflict of interest, disclosures, and other related matters. In its Jun. 19 meeting, the SEBI board had approved this new code after perusing the November 2025 recommendations of a high-level committee on the matter, and accepting them with modifications.

The SEBI board had not accepted in full the committee's recommendation that the chairman, whole-time members, and employees at the level of chief general manager and above be required to publicly disclose all their assets and liabilities. The new code, however, requires public disclosure of only immovable property and not other assets and liabilities. The new code requires all assets and liabilities of these senior-level officials and board members to be disclosed internally.

In its November 2025 report, the high-level committee had highlighted the sore absence of an agency that could be entrusted with managing conflict of interest risk within SEBI, detect and act upon breaches, and provide an audit trail when instances of conflict came to light. It had, therefore, made a detailed recommendation to SEBI to set up of a new office of ethics and compliance, appoint a chief ethics and compliance officer, and set up an oversight committee on ethics and compliance.

However, in its June meeting, the SEBI board rejected a big part of the committee's recommendations and accepted only the bit on setting up of the office of ethics and compliance. It had said this office would be supervised by the chief vigilance officer. Yatri Dave Vitekar is the present chief vigilance officer at SEBI, as per the market regulator's website. The officer reports directly to Chairman Tuhin Kanta Pandey.

The new code accepts the committee's general recommendations on handling, approval, and disclosures of recusals by SEBI board members. It accepts the recommendation that a summary of recusals by the chairman, whole-time members, part-time members and SEBI employees of the level of chief general manager and above be published in the annual report of the market regulator.

The committee had not specified the format for the summary. The new code made public Wednesday provides the format and it requires only the number of recusals, and not any other details.

SEBI had accepted a chunk of the committee's recommendations without modifications. These form a part of the new code.  End

Reported by Rajesh Gajra

Edited by Avishek Dutta

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