Informist, Monday, Mar. 24, 2025

--SEBI Pandey: Recusal norms review for board members a priority for panel

--SEBI Pandey: Formed panel to review code for board to build back trust

--SEBI: Panel to give report on conflict of interest code for board in 3 mos

--SEBI Pandey: To set up panel to review conflict of interest norms for board

NEW DELHI – A committee that will be set up by the Securities and Exchange Board of India to review and upgrade the code of conduct on conflicts of interest for members of the board will cover recusal norms, too, chairman Tuhin Kanta Pandey said in his first press conference Monday. The market regulator said in a press release Monday that the board has approved the setting up of a high-level committee to 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 Members and Officials of the Board."

Pandey said that as far as recusals made by board members are concerned, the panel will explore not just whether they should be disclosed to the public but also cover the best practices with regard to the things that would require the recusals to be made.

SEBI said the committee is expected to submit its report with recommendations within three months from the date of constitution, after which it will be placed before the SEBI board for consideration. Pandey said the decision to set up the committee was made to build back public trust. Last year, the US short-seller and investment firm, Hindenburg Research, had made several accusations of conflict of interest by former SEBI chief Madhabi Puri Buch in the matter of SEBI's investigation into Adani group's foreign shareholders and other matters. End

Reported by Rajesh Gajra

Edited by Deepshikha Bhardwaj

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