The Securities and Exchange Board of India (SEBI), led by new Chairman Tuhin Kanta Pandey, held its first board meeting to implement several regulatory changes. The board doubled the disclosure threshold for Foreign Portfolio Investors (FPIs) from Rs 25,000 crore to Rs 50,000 crore in equity assets under management (AUM), aiming to enhance market transparency and governance. This adjustment comes in response to the cash equity market's trading volumes more than doubling between FY 2022-23 and the current FY 2024-25. A high-level committee (HLC) will be established to review conflict of interest provisions for SEBI board members, focusing on improving transparency and trust. The HLC will assess disclosures related to property, investments, and liabilities. The existing process for appointing Public Interest Directors (PIDs) at Market Infrastructure Institutions (MIIs) will continue, with no shareholder approval required. Additionally, SEBI will no longer prescribe a cooling-off period for PIDs transitioning between MIIs, leaving it to the governing board of each MII to set a minimum cooling-off period for its Key Management Personnel (KMPs) and directors. SEBI has also allowed investment advisers (IAs) and research analysts (RAs) to charge advance fees for up to one year, extending the previous limits of two quarters for IAs and one quarter for RAs. This change addresses industry concerns about fee collection and applies to individual and Hindu Undivided Family (HUF) clients. For non-individual clients, accredited investors, and institutional investors seeking recommendations from a proxy adviser, fee-related terms will be governed by contractual agreements. SEBI Chairman Tuhin Kanta Pandey reiterated the regulator's commitment to investor protection, market development, and regulatory oversight. He also announced that SEBI would examine issues related to the National Stock Exchange's (NSE) long-pending initial public offering (IPO).