Market regulator Sebi’s new code of conduct for its board members leaves important questions unanswered on legal enforceability, public disclosure of financial assets, and the independence and functioning of its ethics office. Adopted “voluntarily” by the Sebi board on June 19, 2026, the code lays down rules for wholetime members, including the chairperson, and part-time members. It covers property disclosures, financial investments, gifts,