Dissent, don't be honorary appointees: Sebi chief to independent directors

Urges redefining of role as stewards of accountability

- KHUSHBOO TIWARI

The Securities and Exchange Board of India (Sebi) has urged corporate boards to rethink their functioning, warning against treating governance as a box-ticking compliance exercise.

Speaking at the 2025 Annual Directors' Conclave organised by the Institute of Directors, Sebi Chairman Tuhin Kanta Pandey said independent directors can no longer be "honorary appointees" or "friendly critics"—they must evolve into active stewards of accountability.

Governance should not be a checklist—but should be treated as breathing value, Pandey said. He noted that while boards often spend significant time poring over compliance packs, they rarely debate signals about organisational culture.