Business: Capital markets regulator SEBI chairman and its senior officials must disclose assets and liabilities. The high-level committee has suggested that this is necessary to enhance transparency and accountability. The committee headed by former Chief Vigilance Commissioner Pratyush Sinha has also suggested that all members and employees of the SEBI board should make initial, annual, event-based and post-leaving disclosures of business activities and family ties along with other professional interests.

The report has been submitted to SEBI Chairman Tuhin Kant Pandey. Applicants for the post of Chairman and Members and lateral entry posts will be required to disclose to the appointing authority the risks of actual, potential and perceived conflicts of interest of financial and non-financial nature. Employees at the level of Chairman, Whole-time Members and Chief General Managers and above will have to submit details of assets and liabilities. Part-time members of the board may be exempted as they do not handle the day-to-day regulatory activities of SEBI.

The decision to form a committee was taken in March
In March, the SEBI board had decided to set up a committee to review the provisions related to disclosure of assets, investments, liabilities and other related matters by members and officers. This step has been taken after the allegations against former SEBI chief Madhabi Puri Buch. Buch was accused of stalling the investigation against Adani Group due to conflict of interest.

Many people including Uday Kotak in the committee
Injeti Srinivas was the vice-chairman of the committee. The members were Uday Kotak, G Mahalingam, Sarit Jaffa and R Narayanaswamy. The committee’s mandate also includes reviewing policies and frameworks governing conflicts of interest, identifying any shortcomings or ambiguities. A mechanism to raise concerns related to conflict of interest and disclosure has also been suggested.

Hindenburg had accused Butch
Buch came under criticism from Hindenburg Research last year. Hindenburg had alleged that Butch and her husband had hidden stakes in entities in Bermuda and Mauritius, which were also acquired by the elder brother of Adani Group founder Gautam Adani.