Sebi to Discuss Conflict of Interest Proposals

Mumbai, Dec 17 (PTI) Capital markets regulator Sebi's board on Wednesday acknowledged certain concerns over a high-level committee's proposals on disclosing conflicts of interest and decided to discuss the report at its next meeting.

Sebi Chairman Tuhin Kanta Pandey on Wednesday said the capital markets regulator brass is also concerned about investments by officials' spouses using their own money, apart from making their own investments public.

"The board expressed the need to have a detailed discussion on the recommendations in the ensuing meeting, keeping in view the public and media comments, certain concerns expressed by employees, operational modalities and the way forward," an official statement issued after the board meeting read.

Pandey said Sebi is prepared to disclose its investments internally, but has issues with disclosing them to the public, and added that there are also privacy concerns that will have to be cleared before taking any action.

The liquid investments which are made by officials change on a daily basis, Pandey said, pointing to it also being a concern area.

Another aspect which the staff has some concerns over is how to deal with investments done by an official's spouse using his or her own money in aspects which are not related to the areas where the Sebi official is not dealing with in an official capacity.

When asked if these are the only concerns that the officials have, Pandey hinted that a wide set of concerns will be taken on board in the coming days, including the media commentary as well.

Sebi had constituted the panel earlier this year after Pandey took charge.

The committee submitted its report in November, which recommends disclosures by officials above the rank of chief general manager.