The head of India’s markets
regulator said on Friday the agency is grappling with privacy
concerns as it weighs a panel’s proposal requiring senior
officers, including the chairperson, to disclose their financial
assets and liabilities.
The panel, which submitted its recommendations last month,
argued that such disclosures by chief general managers,
executive directors, whole-time members, and the chairperson
would strengthen transparency and accountability.
Origin of inquiry
The Securities and Exchange Board of India (SEBI) formed the
panel earlier this year after former chairperson Madhabi Puri
Buch faced conflict-of-interest allegations from the now-defunct
Hindenburg Research, which claimed she had previously invested
in offshore funds linked to the Adani group. Both Buch and the
Adani Group denied the allegations.
“They have no concern in giving such details internally to
an independent office but they have concerns on disclosing
publicly,” SEBI Chairman Tuhin Kanta Pandey said at a
Mumbai-based event.
A conflict-management framework for SEBI’s policy-making and
investigative functions is workable and should be implemented,
Pandey said.
SEBI officials are questioning the need for such
disclosures, noting they are not mandated for any other
authority in India, Pandey added.
The SEBI board will consider the panel’s recommendation for
approval at its next meeting on December 17, Pandey said, adding
that implementation will depend on how the board views the
proposal.
He also noted that SEBI has begun discussing the creation of
a single, uniform regulatory framework and eligibility criteria
for all fund managers, regardless of whether they oversee mutual
funds, portfolio management services, or alternative investment
funds.