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Property Disclose Rule: The new Chairman of SEBI had formed a committee after assuming the post. The committee has now submitted the report and said that all top officials will have to disclose their personal assets. Officials are worried about this.
New Delhi. SEBI officials, who have been keeping a watchful eye on the stock market, are themselves scared this time. So much so that he has requested the Chairman to intervene in this. After all, why not, the matter is directly related to their money and properties. Stock market regulator SEBI Chairman Tuhin Kant Pandey himself said that his senior officers are worried about the disclosure of their personal assets. Their fear is that this may affect their privacy.
The Chairman said that the report of the committee constituted on management of conflict of interest will be placed for discussion in the next meeting of the Board of Directors of SEBI. This committee has recommended making the details of assets and liabilities of senior officials of the market regulator compulsorily public. This means that now all SEBI officials will have to make public the details of their assets.
Why don’t you want to reveal your property?
The SEBI chief said that officials have some concerns about this on confidentiality grounds. Officials are not hesitant in giving this information internally to an independent entity, but they have reservations about making it public. This means that SEBI does not have any problem in giving details of its assets in secret to any agency, but sharing its details among the common man may cause problems to them.
what will happen next now
Pandey said that the SEBI leadership agrees with most of the recommendations of the committee and a decision on them will be taken soon. After becoming the chairman, Pandey himself formed this committee. Earlier, allegations were leveled against Chairman Madhabi Puri Buch regarding conflict of interest and lack of disclosure of details. Perhaps this is the reason why he formed a committee after assuming charge. He said that SEBI is considering bringing uniform regulation for fund managers, which will cover mutual funds, alternative investment funds (AIF), portfolio management services (PMS) and other categories. Currently, different licenses require different qualifications, making the process complex and expensive. Having uniform rules will reduce both compliance cost and time.
