SEBI has adequate internal mechanisms to address issues related to conflicts of interest: Ministry of Finance

Indian Finance Minister Pankaj Chaudhary said on Monday that the Securities and Exchange Board of India (SEBI) has adequate internal mechanisms to address issues related to conflicts of interest, which include disclosure framework and disqualification provisions.

The minister was responding to a question in the Lok Sabha regarding the allegations leveled against SEBI Chairman Madhabi Puri Buch regarding conflict of interest and the action taken by the government.

“The SEBI Board has adopted a Code on Conflicts of Interest for its Board members, including the Chairman, to ensure that the Board acts in a manner that does not affect its ability to fulfill its mandate or undermine public confidence in the ability of the member(s) to discharge his or her responsibilities,” Chaudhary further said.

The Ministry of Science also clarified that the Public Accounts Committee considered the request for exemption from personal attendance by the SEBI Chairman due to sudden and unavoidable personal necessity, and postponed the meeting.

The SEBI chief has been at the eye of the storm over allegations of conflict of interest over her and her husband’s investments in offshore funds linked to the Adani Group. SEBI, Buch and Adani Group have refuted the allegations.

Unclaimed LIC Funds:

Meanwhile, in response to another question, the Civil Service Ministry said LIC India’s total unclaimed and outstanding entitlement claims have almost doubled in the last five years to Rs 880.93 crore in FY24 from Rs 480.78 crore in FY20.

Chaudhary was responding to a question in the Lok Sabha regarding unclaimed funds held by LIC.

The total number of such claims also rose steadily to 3,72,282 in FY2024 from 2,43,790 in FY2020, according to the data provided by it.

However, the overall number of unclaimed death claims with LIC has declined in the last five years. In FY2024, LIC had 10 unclaimed death claims worth Rs 14 lakh as against 89 claims worth Rs 2.02 lakh crore in FY2020.

Over the years, LIC has taken a number of measures to reduce unclaimed claims and outstanding claims outstanding against it.