A recent article by Business Standard delves into the SEBI board meeting held on September 30, 2024, focusing on why the board did not address allegations of disclosure lapses and conflicts of interest involving SEBI Chairperson Madhabi Puri Buch. Legal experts and former SEBI officials have highlighted the limited scope of the SEBI board’s authority in such matters.
Mr. Sumit Agrawal, Founder of Regstreet Law Advisors and former SEBI Officer, is quoted suggesting that “𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘮𝘢𝘵𝘵𝘦𝘳 𝘰𝘧 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘨𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦 𝘣𝘺 𝘵𝘩𝘦 𝘎𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵. 𝘐𝘵’𝘴 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦 𝘸𝘢𝘴 𝘥𝘪𝘴𝘤𝘶𝘴𝘴𝘦𝘥 𝘣𝘶𝘵 𝘯𝘰𝘵 𝘥𝘪𝘴𝘤𝘭𝘰𝘴𝘦𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘱𝘳𝘦𝘴𝘴 𝘳𝘦𝘭𝘦𝘢𝘴𝘦, 𝘢𝘴 𝘯𝘰𝘵 𝘢𝘭𝘭 𝘥𝘪𝘴𝘤𝘶𝘴𝘴𝘪𝘰𝘯𝘴 𝘰𝘯 𝘦𝘷𝘦𝘳𝘺 𝘢𝘨𝘦𝘯𝘥𝘢 𝘢𝘳𝘦 𝘴𝘩𝘢𝘳𝘦𝘥 𝘱𝘶𝘣𝘭𝘪𝘤𝘭𝘺. 𝘐𝘧 𝘪𝘯𝘥𝘦𝘦𝘥 𝘵𝘩𝘦 𝘚𝘌𝘉𝘐 𝘉𝘰𝘢𝘳𝘥 𝘥𝘪𝘥 𝘯𝘰𝘵 𝘢𝘥𝘥𝘳𝘦𝘴𝘴 𝘵𝘩𝘦 𝘮𝘢𝘵𝘵𝘦𝘳, 𝘪𝘵 𝘤𝘰𝘶𝘭𝘥 𝘣𝘦 𝘥𝘶𝘦 𝘵𝘰 𝘢 𝘥𝘦𝘭𝘪𝘣𝘦𝘳𝘢𝘵𝘦 𝘪𝘯𝘵𝘦𝘳𝘯𝘢𝘭 𝘱𝘳𝘰𝘤𝘦𝘴𝘴 𝘰𝘳 𝘢𝘯 𝘰𝘯𝘨𝘰𝘪𝘯𝘨 𝘳𝘦𝘷𝘪𝘦𝘸 𝘣𝘺 𝘵𝘩𝘦 Department Of Economic Affairs, Government Of India (𝘔𝘪𝘯𝘪𝘴𝘵𝘳𝘺 𝘰𝘧 𝘍𝘪𝘯𝘢𝘯𝘤𝘦), 𝘥𝘦𝘭𝘢𝘺𝘪𝘯𝘨 𝘪𝘮𝘮𝘦𝘥𝘪𝘢𝘵𝘦 𝘣𝘰𝘢𝘳𝘥-𝘭𝘦𝘷𝘦𝘭 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳𝘢𝘵𝘪𝘰𝘯. 𝘈𝘴 𝘮𝘢𝘳𝘬𝘦𝘵 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘨𝘳𝘰𝘸𝘴, 𝘵𝘩𝘦 𝘔𝘪𝘯𝘪𝘴𝘵𝘳𝘺 𝘰𝘧 𝘍𝘪𝘯𝘢𝘯𝘤𝘦 𝘮𝘶𝘴𝘵 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘤𝘢𝘵𝘦 𝘵𝘩𝘦 𝘱𝘳𝘰𝘤𝘦𝘥𝘶𝘳𝘢𝘭 𝘴𝘵𝘦𝘱𝘴 𝘣𝘦𝘪𝘯𝘨 𝘵𝘢𝘬𝘦𝘯 𝘵𝘰 𝘢𝘷𝘰𝘪𝘥 𝘧𝘶𝘳𝘵𝘩𝘦𝘳 𝘶𝘯𝘤𝘦𝘳𝘵𝘢𝘪𝘯𝘵𝘺. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘵𝘩𝘦 𝘔𝘪𝘯𝘪𝘴𝘵𝘳𝘺 𝘪𝘴 𝘳𝘦𝘷𝘪𝘴𝘪𝘵𝘪𝘯𝘨 𝘵𝘩𝘦 𝘚𝘌𝘉𝘐 (𝘛𝘦𝘳𝘮𝘴 𝘢𝘯𝘥 𝘊𝘰𝘯𝘥𝘪𝘵𝘪𝘰𝘯𝘴 𝘰𝘧 𝘚𝘦𝘳𝘷𝘪𝘤𝘦 𝘰𝘧 𝘊𝘩𝘢𝘪𝘳𝘮𝘢𝘯 𝘢𝘯𝘥 𝘔𝘦𝘮𝘣𝘦𝘳𝘴) 𝘙𝘶𝘭𝘦𝘴, 1992 𝘳𝘦𝘮𝘢𝘪𝘯𝘴 𝘶𝘯𝘤𝘭𝘦𝘢𝘳. 𝘈 𝘴𝘵𝘢𝘵𝘶𝘵𝘰𝘳𝘺 𝘧𝘳𝘢𝘮𝘦𝘸𝘰𝘳𝘬 𝘸𝘰𝘶𝘭𝘥 𝘱𝘳𝘰𝘷𝘪𝘥𝘦 𝘨𝘳𝘦𝘢𝘵𝘦𝘳 𝘭𝘦𝘨𝘢𝘭 𝘴𝘢𝘯𝘤𝘵𝘪𝘵𝘺 𝘢𝘯𝘥 𝘦𝘯𝘧𝘰𝘳𝘤𝘦𝘢𝘣𝘪𝘭𝘪𝘵𝘺, 𝘸𝘩𝘪𝘤𝘩 𝘵𝘩𝘦 𝘷𝘰𝘭𝘶𝘯𝘵𝘢𝘳𝘺 𝘚𝘌𝘉𝘐 𝘤𝘰𝘥𝘦 𝘰𝘧 𝘤𝘰𝘯𝘥𝘶𝘤𝘵 𝘭𝘢𝘤𝘬𝘴. 𝘛𝘩𝘦 𝘳𝘦𝘢𝘭 𝘧𝘰𝘤𝘶𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘰𝘯 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘢𝘭𝘭𝘦𝘨𝘢𝘵𝘪𝘰𝘯𝘴 𝘣𝘶𝘵 𝘰𝘯 𝘴𝘢𝘧𝘦𝘨𝘶𝘢𝘳𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘪𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘪𝘰𝘯’𝘴 𝘪𝘯𝘵𝘦𝘨𝘳𝘪𝘵𝘺 – 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘸𝘩𝘦𝘯 𝘵𝘩𝘦 𝘤𝘳𝘦𝘥𝘪𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘵𝘩𝘦 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳 𝘪𝘴 𝘪𝘯 𝘥𝘰𝘶𝘣𝘵, 𝘵𝘩𝘦 𝘦𝘯𝘵𝘪𝘳𝘦 𝘮𝘢𝘳𝘬𝘦𝘵 𝘧𝘦𝘦𝘭𝘴 𝘵𝘩𝘦 𝘴𝘩𝘰𝘤𝘬𝘸𝘢𝘷𝘦.”
Shriram Subramanian, Founder and Managing Director of InGovern Research Services, expressed that while the SEBI board may lack the authority to act directly against the chairperson, it could have still discussed the potential conflicts of interest at hand.
For further details, the complete article is attached.
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