Former Sebi officials and legal experts have pointed out that the board has limited scope to act on such issues.
“Chairpersons and whole-time members (WTMs) are appointed by the government. Only the government has the authority to take disciplinary action against them. Unlike a typical company board, Sebi's board cannot remove or penalise these officials. Even in cases of apparent conflict of interest, the board lacks the power to initiate formal proceedings,” a former Sebi chairperson explained.
Although conflicts of interest allegations were never part of the official board meeting agenda, there had been speculation that the issue might still be discussed. According to a Sebi rule, “any significant event since the previous meeting concerning the market can be taken note of by the board”.
Denne historien er fra October 02, 2024-utgaven av Business Standard.
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Denne historien er fra October 02, 2024-utgaven av Business Standard.
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