The board of Securities and Exchange Board of India (Sebi) on Monday approved sweeping changes with respect to conflict-of-interest rules for its officials to improve transparency, especially among the top management. In addition, it also allowed netting of investments for foreign portfolio investors (FPIs) in the cash market. Among the key changes on conflict-of-interest rules, the chairman and whole time members’ investments in equity and equity related investments (except for mutual funds and other pooled instruments) have to be liquidated or frozen at the time of joining. They can also sell through a trading plan or sell with prior approval.