Once, a Securities and Exchange Board of India (Sebi) chairperson was mocked for never having “seen a share certificate”, casting doubts on his ability to regulate the securities markets. Today, the tables have turned, as another chairperson has drawn attention for having “seen share certificates”. What was once considered a qualification is now perceived as a potential liability, bringing conflicts of interest to the forefront of governance. In between, a different chairperson with modest holdings chose to divest them before assuming office, reinforcing the need for regulators to, like Caesar’s wife, remain beyond reproach, free from even