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Sebi releases code for its board

Members of Securities and Exchange Board of India (Sebi) will now have to disclose investments in equity shares by them and their family under a code of conduct adopted at the board meeting on Dec 4, reports HT Correspondent.

business Updated: Dec 13, 2008 00:33 IST
HT Correspondent

Members of Securities and Exchange Board of India (Sebi) will now have to disclose investments in equity shares by them and their family under a code of conduct adopted at the board meeting on December 4.

The code is an attempt by Sebi to bring in more transparency and accountability in the functioning of the market regulator and gain public confidence.

The member will also have to disclose his holding of shares and that of his family at the end of each financial year within 15 days of the close of the financial year.

A whole-time member would have to disclose substantial transactions by him and his family within 15 days. The member shall not deal in securities of a company listed on a recognised stock exchange based on unpublished price sensitive information which he may have got access to.

The member having direct or indirect interest, or conflict of interest, in any matter coming up for consideration at a meeting of the board, will be required to disclose the nature of his interest at such meeting.

Any person who has reasonable ground to believe that a member has an interest in a particular matter, may bring the same with material evidence to the notice of secretary to board.