New Delhi: A far-reaching change could be in the offing for SEBI, India’s biggest market regulator. The government is considering making it mandatory for top officials of SEBI to declare all their personal assets. This step is aimed at bringing in greater transparency and reducing the scope for corruption.
Of course, SEBI officials currently share certain financial details amongst themselves, although those reports are not entirely made public. But after so many recent controversies and questions of conflict of interest, authorities feel more openness is required.
If this rule gets approved, SEBI bosses will have to declare all details related to the properties they own, shares they hold, business interests, gold, jewellery, and even assets held by immediate family members. It will also instill confidence in the public that the officers are working honestly and with no hidden agenda.
Some experts say that this is a welcome change, as SEBI plays a very powerful role in the Indian financial markets. Every day, millions of investors depend upon SEBI’s rules and decisions. If officers themselves follow high ethical standards, then people will feel safer investing in the stock market.
However, the move seems to displease many. A few officials in SEBI are of the view that such disclosure of personal information could intrude into their private lives. They say they already follow a set of stringent codes and making all their financial details public could put them in danger.
Still, most reactions from the public are positive. Many investors and market watchers believe that transparency is always good for the system.
The proposal has come at a time when SEBI is already under pressure due to big cases like the Adani-Hindenburg controversy. The government wants to ensure that trust in SEBI remains strong, and such rules can help reduce doubts.
