Sebi expert group on conflict of interest submits its report to chairman

Mumbai, Nov 10, 2025

The high-level committee (HLC) on conflict of interest, disclosures and related matters for members and officials of Sebi has submitted its final report to Sebi Chairman Tuhin Kanta Pandey.

The development marks a potential step towards tightening governance norms at the regulator. The report was handed over at Sebi Bhavan in Mumbai on November 10, Sebi said in a press release.

The market regulator had constituted the HLC at its March 24 board meeting to comprehensively review provisions governing conflict of interest and the disclosure of property, investments and liabilities by its members and officials.

The move came amid allegations of conflict of interest raised by now-defunct Hindenburg Research against former chairperson Madhabi Puri Buch.

The committee was chaired by Pratyush Sinha, former chief vigilance commissioner, with Injeti Srinivas, former secretary, Ministry of Corporate Affairs, and ex-IFSCA chairman, as vice-chairman.

The terms of reference for the HLC were to review existing policies and frameworks on conflict of interest and disclosures to identify gaps or ambiguities.

Further, to recommend a stronger framework to prevent, mitigate and manage conflicts of interest — covering new recusal policies, expanded disclosure requirements, restrictions on investments, digital recordkeeping and more.

The HLC was also tasked with proposing mechanisms for the public to raise concerns and submit complaints regarding conflicts of interest and disclosures, including a defined process for examination.

The HLC’s recommendations and their potential adoption are expected to set new standards for transparency and accountability at Sebi, impacting its governance structure going forward, said experts.

[The Business Standard]