Most SEBI consultation papers go through these industry committees to iron out the proposals before being put out for public consultation
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DHIRAJ SINGH
The Securities and Exchange Board of India (SEBI) has started the process of reshuffling members of several of its industry and expert advisory committees, according to people familiar with the development. The exercise has begun with the Commodity Derivatives Advisory Committee (CDAC), for which invitations have already been sent to potential new members.
The reconstitution of other committees is expected to follow in phases, with each panel being taken up sequentially over a period of one to two weeks. Sources said the overall exercise is likely to be completed by the end of March, after which the quarterly committee meetings will proceed.
The Commodity Derivatives Advisory Committee advises the regulator on matters related to the commodity derivatives market, including contract design, delivery and settlement mechanisms, warehousing norms and market development. SEBI has revamped CDAC replacing some of its members, while keeping certain key members intact.
“The regulator is taking up one committee at a time. The process has started with CDAC and invitations have gone out,” one person said.
SEBI is expected to take up the reconstitution of several other advisory committees, including the Secondary Market Advisory Committee (SMAC), which advises on issues related to trading, surveillance and secondary market structure; the Primary Market Advisory Committee (PMAC), which deals with IPO-related regulations, disclosures and listing norms; and the Market Data Advisory Committee (MDAC), which focuses on policy issues around access to and sharing of market data.
Panel revamp
The reshuffle may also cover committees such as the Intermediary Advisory Committee, Alternative Investment Policy Advisory Committee (AIPAC), FPI Advisory Committee (FAC), Social Stock Exchange Advisory Committee, Hybrid Securities Advisory Committee (HySAC), Technical Advisory Committee (TAC), Advisory Committee on Mutual Funds, ESG Advisory Committee and the Advisory Committee for SEBI Investor Protection and Education Fund (IPEF).
The next committee meetings may be scheduled only after the reshuffle, said another source. Once done, the composition of each committee is expected to be updated on the regulator’s website.
Most SEBI consultation papers go through these industry committees to iron out the proposals before being put out for public consultation.
SEBI did not respond to queries sent for comment.
Published on February 20, 2026