File it, forget it? Lack of checks raises concerns over Sebi members' disclosures
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Disclosure requirements for board members at India's capital market regulator are under the spotlight in the wake of impropriety charges by Hindenburg Research and the Opposition Congress against chairperson Madhabi Puri Buch, whose allegedly undeclared conflicts of interest lapses have lately come under attack. Rules require Securities and Exchange Board of India (Sebi) board members, including the chairperson, to disclose their and their spouses' holdings in listed shares and convertible instruments to Sebi. However, former Sebi members told ET that the lack of scrutiny beyond the filing process leaves the system exposed to more allegations and controversies in the future. ET spoke to four former Sebi members, who spoke on the condition of anonymity. The Congress had alleged Buch violated Sebi's conflict of interest policy after she traded in listed securities worth about ₹37 crore, and sold employee stock options received f...