The Securities and Exchange Board of India (SEBI) has tightened the investment and conduct rules for its board members, including the chairperson. The revised code matters because it moves beyond disclosure and places clearer limits on what senior market regulators can hold while overseeing India’s capital markets.
SEBI’s earlier regime, framed in 2008, was more limited and focused on disclosure. The revised framework splits investments into permitted and non-permitted categories and also brings whole-time members under insider-trading rules as persons with price-sensitive information.
What SEBI has changed
Under the revised code, the following are barred for SEBI board members:
Equity, convertible-to-equity instruments, and derivatives are barred for SEBI board members, while regulated pooled investment vehicles and units of InvITs and REITs are allowed.
Background and earlier position
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