BENGALURU (Reuters) – India’s markets regulator said on Wednesday it had constituted a committee to review provisions and make recommendations related to conflict of interest for its members and officials.
The Securities and Exchange Board of India (SEBI) said the committee will look into enhancing the existing framework to ensure transparency, accountability and ethical conduct of its members and board officials.
The regulator approved the formation of this committee last month during its first meeting under new chairman Tuhin Kanta Pandey.
SEBI’s previous chief, Madhabi Puri Buch, came under fire towards the end of her term after the now-shuttered Hindenburg Research alleged conflict of interest in the investigations into the Adani group because of her previous investments.
Both Buch and the Adani group had denied the allegations.
SEBI said on Wednesday the committee will be chaired by retired bureaucrat and civil servant Pratyush Sinha.
Injeti Srinivas, who formerly served as the secretary of India’s Ministry of Corporate Affairs, will be the vice-chairman.
Uday Kotak, Indian private lender Kotak Mahindra Bank’s founder and director, and G. Mahalingam, Reserve Bank of India’s former executive director and SEBI’s former whole-time member, will also be in the committee, the regulator said.
(Reporting by Nishit Navin; Editing by Shreya Biswas)
