The Securities and Exchange Board of India (Sebi) at its board meeting held today said it needs more time for detailed discussions on recommendations related to conflict of interest and asset disclosures concerning its members and officials.

The decision follows the submission of a comprehensive report by a High-Level Committee (HLC) that was constituted to review provisions relating to conflict of interest, disclosures, and related matters for Sebi members and officials.

The board, in its meeting held on March 24, 2025, approved the constitution of the HLC to undertake this extensive review. Chaired by Pratyush Sinha, former Chief Vigilance Commissioner, the panel submitted its report to the Sebi chairman on November 10, 2025.

At today's meeting, while acknowledging the comprehensive review carried out by the committee, the board "expressed the need to have detailed discussion on the recommendations in the ensuing meeting keeping in view the public and media comments, certain concerns expressed by employees, operational modalities and the way forward."

The report and its recommendations have been placed before the board for consideration, but a final decision on implementation will be taken after further deliberations in subsequent meetings, read the Sebi statement.

The panel had proposed the chairperson, whole-time members, and officers at the CGM level and above should publicly disclose their assets and liabilities, including movable and immovable properties, investments, and liabilities. The committee has also suggested that all other Sebi employees, including contractual staff, must file internal disclosures of their assets, relatives’ relationships, and any professional or financial interests that may pose potential conflicts

The committee was set up in the wake of allegations by Hindenburg Research against former Sebi chairperson Madhabi Puri Buch and her husband, involving potential conflicts of interest in offshore investments. The six-member panel’s suggestions are based on global best practices followed by the U.S. SEC and the U.K. Financial Conduct Authority.