“The HLC shall comprehensively review and make recommendations for enhancing the existing framework for managing conflicts of interest, disclosures and related matters towards ensuring the high standards of transparency, accountability, and ethical conduct of members and officials of the Board,” SEBI said in its circular.
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The Securities and Exchange Board of India (SEBI) has constituted a high-level committee (HLC) to review conflict of interest among board members and employees of the securities market regulators, in line with the decision made at the board meeting last month.

“The HLC shall comprehensively review and make recommendations for enhancing the existing framework for managing conflicts of interest, disclosures and related matters towards ensuring the high standards of transparency, accountability, and ethical conduct of members and officials of the Board,” SEBI said in its circular.

The committee will be chaired by Pratyush Sinha, a former chief vigilance commissioner. The committe will consist of several high ranking retired bureacrats including Inejit Srinivas, former secretary in the Ministry of Corporate Affairs,  G. Mahalingam, a former whole time member of SEBI, and Sarit Jafa, former deputy comptroller and auditor general. Apart from bureaucrats, the HLC also includes Uday Kotak, founder of Kotak Mahindra Bank, and R. Narayanaswamy, a former professor at  IIM Bangalore.

The HLC’s terms of reference include reviewing existing policies and identify gaps, recommend a robust framework to mitigate and manage conflict of interest, in addition to devising a mechanism for the public to raise concerns on conflict of interest.