Market Insight
·3 min read

SEBI has adequate mechanisms to resolve conflicts of interest: MoS for finance

PratapDarpan

The government said on Tuesday that capital markets regulator Sebi has “adequate internal mechanisms” including a disclosure framework and provisions for recall to address issues related to conflict of interest.

In a written reply in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said the SEBI board has adopted a code on conflict of interest for its board members and chairman.

This is intended to ensure that “the board conducts itself in a manner that does not compromise its ability to fulfill its mandate or undermine public confidence in the ability of the member(s) to discharge responsibilities”, he added.

Chaudhary was replying to questions by Congress leaders Mallikarjun Kharge and Ranjit Ranjan on steps taken by the government to ensure transparency and accountability in declarations of financial assets and potential conflicts of interest by Sebi chairperson and others, including senior officials.

In September, the Congress had questioned payments made to Sebi chairperson Madhabi Puri Buch by her former employer ICICI Bank. Buch also faces a conflict of interest over the regulator’s probe into an Adani Group entity. Buch has denied any wrongdoing, as has ICICI Bank.

    In response, Chaudhary also said that SEBI employees are governed by SEBI (Service of Employees) Regulations, 2001 which ensure transparency and accountability in declaration of financial assets and address potential conflicts of interest.

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