There have been calls for the resignation of Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch amid employee conflict and allegations of impropriety made by Hindenburg Research, which she has denied. The charges came after a Sebi probe into the short-seller’s charges against the Adani group, with accusations the group has refuted.
Sebi is manned by people who are “persons of ability, integrity and standing who have shown capacity in dealing with problems relating to securities market or have special knowledge or experience of law, finance, economics, accountancy, administration or in any other discipline which, in the opinion of the Central Government, shall be useful to the Board”. The Insurance Regulatory and Development Authority of India (Irdai) also has similar clauses with securities-market expertise being replaced with “knowledge or experience in life insurance, general insurance, actuarial science”.
The Reserve Bank of India (RBI) typically includes people with knowledge of economics and are nominated or appointed by the central government.
Tenures across organisations often range from three to five years with the possibility of reappointment.
Reasons for removal also show similarities. These include insolvency, having an unsound mind as determined by a competent court, conviction in offence of “moral turpitude”, and abuse of position.
The Irdai Act has an explicit provision for certain kinds of conflict of interest.
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