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Mumbai, Dec. 12 SEBI has come out with a “Code of Conflict of Interest” for the members of its board.

Probably in a first of its kind move for any financial market regulator in the country, SEBI has asked the members to make a set of disclosure within a month.

Under the code, a member interested in any matter coming up for consideration at a meeting of the board will have to disclose the nature of interest.

The member should not take part in any deliberations of the board with respect to such matter except to the extent of professional advice if sought by the board.

The code also allows public to raise conflict of interest.

“Any person who has reasonable ground to believe that a member has an interest in a particular matter may bring the same with material evidence to the notice of the Secretary to the Board,” said a SEBI release.

Members will have to disclose their and their families’ share holdings within 15 days of joining the office.

The code was adopted by SEBI Board in its meeting held on December 4.

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