By Sai Ishwarbharath B
MUMBAI (Reuters) -India’s markets regulator will improve transparency in its functioning, including revealing any conflicts of interest of its board members, as a way to build trust, Chairperson Tuhin Kanta Pandey said on Friday.
Last week, veteran finance ministry bureaucrat Pandey replaced Madhabi Puri Buch as the chief of the Securities and Exchange Board of India (SEBI).
Buch, who helmed SEBI for three years, came under attack towards the end of her term after the now-shuttered Hindenburg Research alleged conflict of interest in the regulator’s investigations into the Adani group because of her previous investments.
Both Buch and the Adani group denied the allegations.
“We will be coming forward with our own plan to further transparently reveal these conflicts of interest, etc. for the public,” Pandey said in his first public speech since taking over as SEBI chief.
He did not specifically refer to any individual’s conflict of interest.
SEBI is “conscious of the need to create an inclusive environment” for foreign capital and will engage with portfolio investors and alternative investment funds to address their difficulties and further rationalise regulations, he said.
Speaking at an event organised by Moneycontrol, an Indian financial news website, in Mumbai, Pandey said that the presence of long-term foreign capital would further support infrastructure growth, innovation, and development.
Foreign investors have sold Indian shares worth more than $27 billion since September 2024, pushing the benchmark Nifty 50 down 15% from its record high.
“As we intend to grow in the speed that we are aspiring, we need to have both domestic and foreign capital to support the growth momentum,” Pandey said.
(Writing by Sethuraman NR; Editing by Mrigank Dhaniwala and Sonia Cheema)
