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The Securities and Exchange Board of India (SEBI) on Wednesday constituted a six-member high-level committee, headed by Pratyush Sinha, a retired Indian Administrative Service (IAS) officer and former Chief Vigilance Commissioner, to review conflicts of interest, investment and liabilities of its board members.
Injeti Srinivas, former secretary, Ministry of Corporate Affairs & former chairman, IFSCA has been appointed as the vice chairman of the high-level committee.
Other members of the committee are Uday Kotak, Founder & Director, Kotak Mahindra Bank; G Mahalingam, former Executive Director, RBI and former Whole Time Member, SEBI; Sarit Jafa, former Deputy Comptroller and Auditor General; and R Narayanaswamy, former professor, IIM, Bangalore.
The committee will comprehensively review and make recommendations for enhancing the existing framework for managing conflicts of interest, disclosures and related matters towards ensuring the high standards of transparency, accountability, and ethical conduct of members and officials of the Sebi board.
The committee will recommend a robust framework for preventing, mitigating and managing conflict of interest including a recusal policy, disclosure requirements covering public disclosures, provisions pertaining to restriction on investments, maintenance of digital records and framework for monitoring, Sebi said in a release.
It would also suggest a mechanism for members of the public to raise concerns pertaining to conflict of interest, disclosures including a process to examine complaints.
The Sebi said the committee is expected to submit its recommendations within three months from the date of constitution, which will then be placed before the Board for consideration.
