RBI Board could learn good practices from SEBI Board…

Today is truly a RBI Board day on this blog.

Thanks to Prof Jayant Varma’s post, one went back to SEBI Board. While looking at whether RBI Board can disclose more information of its meetings. one need go very far. SEBI provides a template to show this can indeed happen and even shows the way forward.

Interestingly, SEBI’s Board has been following different practices compared to the RBI Board.

  • SEBI issues a more elaborate press release on the Board discussions/decisions (see this one held on Nov 23 2016)
  • Apart from this, it even releases detailed Agenda and Decision on the Board Meeting day (select November and 2016 in the calendar and it will show 23 in green. Click on 23 and see details).
  • RBI on the other hand shares bare minimum information. For instance see this meeting press release post Demonetisation in Dec 2016  or this crucial May 2016 meeting where Rs issuance of Rs 2000 note seemed to have been taken but not disclosed (it is actually more interested in sharing photographs of the meeting!)

One is not sure whether SEBI is required to disclose this information in this detail as per law or is it a practice it has adopted on its own.  Need to check. Whatever it may be, the elder siblings has some catching up to do with its younger counterpart on this information sharing and transparency front. It is a different thing that one neither writes about this transparency act or discusses these ind etails as much as dissect central bank’s parse information.


Also, of the 9 SEBI board members to be appointed, 7 have been appointed!

The SEBI Act says:

4 1) The Board shall consist of the following members, namely:- 

(a) a Chairman; 

(b) two members from amongst the officials of [Ministry] of the Central Government dealing with Finance [6] [and administration of the Companies Act, 1956(1 of 1956)];

(c) one member from amongst the officials of [the Reserve Bank]

[(d) five other members of whom at least three shall be the whole-time members] to be appointed by the central Government.

Here is a list of 7 appointed members.  Two members under 4(d) are yet to be appointed…



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