Months after Adani-Buch allegations, SEBI panel submits report on conflict of interest, disclosure norms

A high-level committee set up by the Securities and Exchange Board of India (SEBI) to review conflict of interest and disclosure norms for its members and officials has submitted its report to the SEBI chairman Tuhin Kanta Pandey on Monday.

The committee, chaired by former Chief Vigilance Commissioner Pratyush Sinha, was constituted by the market regulator’s board in March this year to undertake a comprehensive review of provisions related to conflict of interest, disclosure of property, investments, liabilities, and related matters concerning SEBI’s members and officials.

The move came in the wake of allegations against former SEBI chairperson Madhabi Puri Buch, who was accused of holding back on investigations against the Adani group because of a conflict of interest.

The committee was tasked with reviewing existing policies governing conflict of interest and disclosures, identifying gaps, and recommending a robust framework for preventing, mitigating and managing such conflicts.

Among its terms of reference were proposing a recusal policy, enhancing disclosure requirements, including public disclosures, setting restrictions on investments, maintaining digital records, and establishing mechanisms for public complaints and monitoring.

The high-level committee comprised Pratyush Sinha as Chairman, Injeti Srinivas as Vice Chairman, Uday Kotak, G Mahalingam, Sarit Jafa, and R Narayanaswamy as members.

The report was formally submitted to the SEBI Chairman at the regulator’s headquarters in Mumbai on November 10, 2025, the regulator said in a statement.

Details of the committee’s recommendations were not immediately made public.

Buch, who demitted office at the end of February, had come under attack last year from now-defunct Hindenburg Research, which alleged that she and her husband held undisclosed offshore investments linked to entities associated with Gautam Adani’s brother. The allegations suggested possible conflicts that might have influenced the regulator’s handling of the Adani probe.

Both Buch and the Adani group had denied all allegations.

Buch and her husband had stated that they "strongly deny the baseless allegations and insinuations made in the report".