SEBI Panel Submits Report on Conflicts of Interest and Disclosure Norms

PR No. 71/2025; Dated: 10.11.2025

1. Background

The Securities and Exchange Board of India (SEBI), in its Board meeting held on March 24, 2025, approved the formation of a High-Level Committee (HLC) to conduct a comprehensive review of issues related to conflict of interest, disclosure norms, and related governance matters concerning members and officials of the Board.

2. Composition of the Committee

The High-Level Committee (HLC) was constituted with six members, including the Chairman, representing a mix of expertise in governance, ethics, and public administration.

3. Terms of Reference

3.1 Review of Existing Frameworks

To examine the current policies and frameworks governing:

• Conflict of interest,
• Disclosures regarding property, investments, and liabilities, and
• Other related governance issues,

and to identify gaps, ambiguities, or overlaps that may exist in the present system.

3.2 Strengthening Systems and Procedures

To recommend a robust mechanism for preventing, mitigating, and handling conflicts of interest, including:

• A structured recusal policy,
• Enhanced disclosure requirements, including public disclosures,
• Investment and trading limits for members and officials,
• Maintenance of digital records, and
• A framework for continuous monitoring and oversight.

3.3 Public Complaint Mechanism

To suggest a transparent process through which members of the public can raise concerns relating to conflicts of interest or non-disclosures, along with well-defined procedures for examination and resolution of such complaints.

4. Objective

The HLC aims to strengthen institutional integrity and transparency within SEBI’s governance structure, ensuring that ethical standards remain aligned with global best practices and public trust in market regulation is reinforced.

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