G07-Corporate Governance

By Retaining ESOPs Whilst at Sebi, Buch Put Herself in a Position That is “Improper and Wrong” https://www.youtube.com/watch?v=X8FEg45cLh0 
  The Wire   Madhabi Puri Buch, both as a whole time member and Chairperson of SEBI, retained ICICI Bank ESOPs, the Managing Editor of Moneylife, has said that as a result the Chairperson of SEBI put herself in a position that is “improper and wrong”. Sucheta Dalal said  it’s likely that at SEBI Madhabi Buch would have both had access to unpublished price sensitive information and also would have taken decisions that affect ICICI, directly or indirectly, both of which in turn would have impacted the shares she had. Sucheta Dalal says this is “a big concern”.  
  
  how is it that SEBI, “an institution with over three decades of experience”, does not have “robust mechanisms” amounting to detailed and stringent rules that apply to the investments, salary and ESOPs of people who work in and, particularly, head a regulatory organization. She said the finger of responsibility and blame for this goes all the way up to the Appointments Committee which chooses the Chairperson of SEBI. In this instance, the Appointments Committee comprises the Prime Minister and the Home Minister.  
  
  Talking about the “toxic work culture” at SEBI, which has provoked protests by hundreds of its employees, Sucheta Dalal asked how come the Board of Directors of SEBI is silent and has not felt the need to speak about and address this issue. It’s silence is clearly a sign that its failing to do its job. Board Members listed in https://www.sebi.gov.in/sebiweb/boardmember/BoardMemberAction.do?doBoardMember=yes on 6-09-2024   
  
  Ms. Madhabi Puri Buch, Chairperson, SEBI  
  Shri. Ashwani Bhatia   Whole-Time Member, SEBI  
   Shri Ananth Narayan G  Whole-Time Member, SEBI  
  Shri Amarjeet Singh     Whole-Time Member, SEBI  
  Shri Kamlesh Chandra Varshney     Whole-Time Member, SEBI   
  Shri Ajay Seth     Part-Time Member, SEBI    Secretary, Department of Economic Affairs  
  Shri M. Rajeshwar Rao     Part-Time Member, SEBI,    Deputy Governor, Reserve Bank of India  
   Ms. Deepti Gaur Mukerjee   Part-Time Member, SEBI     Secretary, Ministry of Corporate Affairs, Government of India