Former chief vigilance commissioner Pratyush Sinha will head the six-member committee constituted by the Securities and Exchange Board of India (Sebi) that will review the provisions related to conflict of interest, disclosures pertaining to property, investments and liabilities, and other related matters in respect of members and officials of the board.
The other members of the high-level committee include Injeti Srinivas (vice-chairman), former secretary in the corporate affairs ministry, Uday Kotak, non-executive director of Kotak Mahindra Bank, G Mahalingam, former RBI executive director and Sebi whole-time member, Sarit Jafa, former deputy comptroller & auditor general (CAG), and R Narayanaswamy, former professor at IIM Bangalore, the markets regulator said on Wednesday.
Sebi had approved the formation in its board meeting held on March 24, the first under the chairmanship of Tuhin Kanta Pandey, who took charge after the end of Madhabi Puri Buch’s term, who had faced allegations of conflict of interest in the regulators’ investigation of Hindenburg’ s accusations on the Adani Group.
The terms of reference for the panel will be review existing policies governing conflict of interest, disclosures and related matters and identify any gaps or ambiguities. It will also recommend a robust framework for recusal policy, disclosure requirements covering public disclosures, provisions pertaining to restriction on investments, maintenance of digital records and monitoring.
In addition, it will recommend a mechanism for members of the public to raise concerns pertaining to conflict of interest, disclosures, including process to examine complaints.
“The HLC (committee) is expected to submit its recommendations within three months from the date of constitution, which shall be placed before the board for consideration,” the press release said.
Sinha has headed several committees in the past, including one constituted to enquire into the reasons for delay in the tender process of new Elphinstone Road station Bridge and another that assessed the compensation to be paid for taking over coal blocks. The latter report has submitted to the government.
Vice-chairman Srinivas also served as the director of FIPB (Foreign Investment Promotion Board) and was closely involved in the liberalisation of FDI policy and the Industrial Policy reforms. Among other positions held by him are member, Sebi, as corporate affairs secretary, and a director on LIC’s board.