Friday evening marked a shift in how India’s market regulator interacts with the press. SEBI Chairman Tuhin Kanta Pandey invited editors of leading news organizations to the St. Regis in Mumbai for a conversation. The meeting was held under the Chatham House Rule, a structure designed to encourage openness while protecting anonymity.
A change in tone
For twenty years, the reporter has covered SEBI and notes a distinct change in the regulator’s engagement with the press. An era of “viva voce” sessions allowed the regulator to correct journalists and explain market nuances. This meeting differed; the Chairman gathered editors not to brief them or correct their reporting, but to listen.
Suggestions were made regarding the Consumer Affairs and Services (CAS) regulation, which the Chairman described as a “rope around this regulator’s neck.” Editors proposed simplifying circulars and providing them in multiple languages. The group discussed these issues, yet no solution to the CAS knot emerged when the Chairman asked directly.
The reporter observes that the chairman, a career bureaucrat, seemed hopeful for surprise but left without one. He thanked the group for their time, and the evening ended with a formal closing. The Chatham House Rule was strictly observed; no names were attached to statements made during the three‑hour session.
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Unraveling the knot
After the formal conference wound down, SEBI Whole‑time Member Kamlesh Varshney invited the journalists to a bar. The reporter, who does not drink, was offered cranberry juice. The gathering included Maninder Cheema, Yatri Dave Vitekar, Amit Pradhan, Sadanand Date, and others, and conversation shifted to a relaxed tone.
Conversation flowed easily.
Varshney reacted with delight to a piece connecting him to a Congress‑era Finance Minister, even jokingly threatening the reporter if his file wasn’t cleared. The Chief Vigilance Officer, Yatri Dave, defended the sources, quipping that the next headline would read “Reporter threatened by whole‑time member.” Cheema laughed at the mention of her promotion, noting that earlier coverage had focused on proximity while overlooking two decades of work.
These informal exchanges illustrate the culture SEBI seeks to nurture. The institution is known for intensive investigative work, which can make the office atmosphere cautious.
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Visible events—such as a Punjabi Bhangra performance at the 38th Foundation Day—have been used to lighten the mood. This approach contrasts with previous chairmen who were more formal, while the current era under Pandey blends performance and social events to build bridges.
Officials tried to offer drinks to encourage conversation, believing a reporter with a drink talks more freely. The evening concluded with a promise to keep quiet about the regulator’s events in exchange for future invitations, a deal unlikely to be kept.
The night ended quietly.