SEBI Panel Proposes Asset Disclosure, Stricter Conflict-Of-Interest Rules For Top Officials

The Securities and Exchange Board of India’s (SEBI) High-Level Committee (HLC) on conflict of interest has recommended that the Chairperson, Whole-Time Members, and Employees at the level of Chief General Manager and above publicly disclose their assets and liabilities.

The committee also suggested internal disclosures of relatives’ names, relationships, and professional interests for all SEBI employees. The report proposed a multi-tier disclosure system, investment restrictions, and a whistle-blower mechanism. It further advised that the Chairperson and Whole-Time Members be classified as ‘insiders’ under SEBI’s insider trading regulations. Headed by former Chief Vigilance Commissioner Pratyush Sinha, the six-member committee was set up in March following conflict-of-interest allegations against former SEBI chief Madhabi Puri Buch. The panel also recommended uniform investment rules and a detailed recusal framework for senior officials.