New Delhi: Supreme Court on Monday sought Sebi’s response by Monday to PILs accusing the market regulator of inaction in regulating the share markets in the face of the Hindenburg report resulting in the crash of Adani group company share prices & massive loss to small investors.
A Supreme Court bench, headed by the Chief Justice of India (CJI) Dhananjaya Yeshwant Chadrachud, asked the SG, senior lawyer for SEBI Tushar Mehta to spell out on Monday what the Union government contemplates to make the regulatory mechanism rubust to protect vulnerable small investors.
The apex court also asked the SG to apprise it as to whether an expert committee could be set up to suggest statutory and regulatory improvements.
The SC sought SEBI response after hearing pleas by advocates Vishal Tiwari and Manohar Lal Sharma.
The PILs (Public Interest Litigation) filed before the Supreme Court accused the market regulator of inaction in regulating the share markets in the face of the Hindenburg report triggering a crash of Adani group company share prices & massive loss to small investors.
The SG Tushar Mehta, appearing for SEBI, submitted that the SEBI is on top of the matter and will respond to the PILs.
The Apex Court, during the course of the hearing, said “the point that really brothers us is, how do we protect the interest of the Indian investors”?
“Can we contemplate an expert committee that can give inputs for modifying the statutory regulations so that it doesn’t happen again?,” the CJI said.
The Top court fixed Monday for further hearing, and asked the Centre and Sebi to come back with a report on the regulatory regime and the steps taken in the wake of the Hindenburg Report on
Adani. UNI
