Supreme court and high court, Court

The Supreme Court on Thursday said that a six-member committee headed by former Justice Abhay Manohar Sapre will assess and suggest a regulatory framework to protect investors against market volatility and for making recommendations to strengthen it."In order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past, we are of the view that it is appropriate to constitute an Expert Committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it," said a bench headed by Chief Justice of India DY Chandrachud and also comprising Justices PS Narasimha and JB Pardiwala.The Expert Committee shall be headed by Justice Abhay Manohar Sapre, a former judge of the Supreme Court of India along with other five members which include -- retired judge Justice J P Devadhar, OP Bhatt, KV Kamath, Nandan Nilekani and Somashekhar Sundaresan.The court said that the remit of the Committee shall be as to provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past and to suggest measures to strengthen investor awareness among others.The Committee shall be remit on to investigate whether there has been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies; and to suggest measures to strengthen the statutory and/or regulatory framework; and secure compliance with the existing framework for the protection of investors."The Chairperson of the Securities and Exchange Board of India is requested to ensure that all requisite information is provided to the Committee. All agencies of the Union Government including agencies connected with financial regulation, fiscal agencies and law enforcement agencies shall co-operate with the Committee. The Committee is at liberty to seek recourse to external experts in its work," the court said.The honorarium payable to the members of the Committee shall be fixed by the Chairperson and shall be borne by the Union Government, the court said.The court requested the Committee to furnish its report in sealed cover within two months.The court also noted that SEBI is seized of the investigation into the allegations made against the Adani Group companies.SEBI has not expressly referred to an investigation into the alleged violation of the Securities Contracts (Regulation) Rules 1957 which provide for the maintenance of minimum public shareholding in a public limited company, and similarly, there may be various other allegations that SEBI must include in its investigation, the court notedThe court said that as a part of its ongoing investigation, SEBI shall also investigate the other aspects of the issues raised in the present batch of petitions which includewhether there has been a violation of Rule 19A of the Securities Contracts (Regulation) Rules 1957.The court also said that SEBI will investigate on the issue of whether there has been a failure to disclose transactions with related parties and other relevant information that concerns related parties to SEBI, in accordance with law; and whether there was any manipulation of stock prices in contravention of existing laws.The court also said that these directions shall not be construed to limit the contours of the ongoing investigation. SEBI shall expeditiously conclude the investigation within two months and file a status report, the court directed.On February 17 while reserving its order, the top court refused to accept the sealed cover suggestion by the Centre on the appointment of the committee related to regulatory mechanisms to protect the investors in the backdrop of the Adani-Hindenburg case and said that it wants to maintain full transparency.The court was hearing various petitions related to Hindenburg Research Report. The petitions concerned with the loss of investor wealth in the securities market over the last few weeks because of a steep decline in the share price of the Adani Group of companies. The decline in the share price was precipitated by a report published by Hindenburg Research on 24 January 2023.One of the petitions filed by advocate Vishal Tiwari sought to Constitute a Committee under the Monitoring of the retired Supreme Court Judge to enquire and Investigate the Hindenburg Research Report.Petitioner and lawyer Advocate Vishal Tiwari had demanded that the entire thing should be probed and a high-powered committee be constituted to look into it.Appearing for another petitioner lawyer Prashant Bhushan had said he wants to give suggestions on the names of some retired judges as members of the committee. But Supreme Court had refused to accept one of the petitioner lawyer Prashant Bhushan's suggestion of names of some retired judges as members of the Committee.Another petitioner, advocate ML Sharma, has sought a probe against the US-based firm, whose report has led to shares of Adani group plunging on the bourses.One of the petitions was filed by Congress leader Jaya Thakur. Petitioner Jaya Thakur's lawyer, advocate Varun Thakur had demanded a fair probe.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Supreme Court And High CourtFOLLOW

Supreme court and high court, Latest News

Chhatrapati Sambhajinagar: Inauguration of 270 lawyers chambers constructed in the High Court premises in the first phase will be ... ...

New Delhi [India], March 17 : A Delhi Court on Friday awarded a compensation of more than Rs one ... ...

New Delhi [India], March 17 : Holding of court proceedings is an administrative matter and falls strictly under the ... ...

California [US], March 14 : World No.1 Iga Swiatek on Monday produced a stunning performance to defeat Bianca Andreescu ... ...

World No.1 Iga Swiatek on Monday produced a stunning performance to defeat Bianca Andreescu to move into the Round ... ...

A court in Maharashtra's Thane district has sentenced a 37-year-old man to seven years of rigorous imprisonment for raping ... ...

A court in Maharashtra’s Thane has granted pre-arrest bail to NCP leader and former minister Jitendra Awhad in a ... ...

The Supreme Court on Thursday said that a six-member committee headed by former Justice Abhay Manohar Sapre will assess ... ...