Breaking News:
SEBI Refuses to Disclose Instances When Madhabi Buch Recused On Conflict of Interest
The Securities and Exchange Board of India (SEBI) has refused to disclose the instances when Madhabi Buch, the first woman and first economist to chair SEBI, recused herself from meetings due to a conflict of interest.
This move has raised concerns about transparency and accountability, especially given the increasing importance of the role of independent directors on corporate boards. The Board has stated that it would not disclose such information under the Right to Information Act (RTI), citing the exemption for information available to the Government under any other law for the time being in force.
"We do not maintain any data on the number of meetings where the Chairman recused herself due to conflict of interest," a SEBI official said.
This response has been criticized by the RTI activist, M.S. Yoganand, who had sought the information under the RTI. "The information is important for transparency and accountability," he said.
The recusal of an independent director from a meeting due to a conflict of interest is a common practice in India. The Corporate Affairs Minister, Nirmala Sitharaman, had clarified in Parliament earlier this year that the conflict of interest rule applies to all board members, including the Chairperson.
SEBI Refuses to Disclose:
- Number of meetings where Madhabi Buch recused herself due to conflict of interest
- Names of the companies or persons involved
- Details of the measures taken to ensure transparency in the decision-making process
Reasons Behind the Non-Disclosure:
- The information is exempted under the Right to Information Act (RTI) as it is available under any other law for the time being in force.
SEO Tags:
- SEBI Refuses to Disclose
- Madhabi Buch Recuse
- Conflict of Interest
- RTI Activist
- Independent Directors
- Corporate Governance
- Transparency and Accountability
- Right to Information Act (RTI)
- Government Exemption
- Parliamentary Clarification
- Non-Disclosure of Information
- Regulatory Body SEBI
- India
Related Keywords:
- SEBI Chairman Resigns
- Corporate Governance in India
- Conflict of Interest Rules in India
- Independent Director Roles and Responsibilities
- Transparency in Decision-Making Process
- Right to Information Act (RTI) Exemptions
Good morning to everyone,
Today’s news comes from SEBI, where the regulatory body has declined to reveal instances when its Chairperson, Madhabi Puri Buch, recused herself due to potential conflicts of interest. SEBI stated that gathering this information would require excessive resources and isn’t readily accessible. This decision has drawn criticism, particularly from Congress, which accused SEBI of lacking accountability. The situation raises concerns over transparency and governance within SEBI, as questions remain about how conflicts involving its leadership are managed.
Hope you all have a great day ahead!
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