No sealed cover, want full panel transparency: Supreme court
The Centre had told the court that statutory bodies like Sebi are capable enough to protect investors’ interest and expressed apprehension for a panel were to monitor the regulators.
Published: 18th February 2023 08:33 AM | Last Updated: 18th February 2023 08:33 AM | A+A A-
NEW DELHI: THE Supreme Court on Friday rejected the Centre’s ‘sealed-cover’ suggesting names of experts to examine the regulatory changes required in the wake of allegations of stock manipulation against the Adani group, saying it wants full transparency to protect investors’ interest. The SC said it will appoint a panel of experts on its own.
“In case we take your suggestions from sealed cover, it automatically means the other party won’t know. The moment we accept your suggestion, there will not be any transparency. We want to maintain fullest transparency for protection of investors. We will form a committee. There will be a sense of confidence in the court,” Chief Justice of India D Y Chandrachud remarked.
The bench, also comprising judges P S Narasimha and J B Pardiwala, said it would set up the committee headed by a retired SC judge. The bench remarked that it can’t start with the presumption of a “regulatory failure” while it reserved orders with regards to composition of the expert committee.
The top court made the remarks while considering the pleas of advocates M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar seeking a court-monitored probe into the issue.
Advocate Prashant Bhushan, appearing for a petitioner, said if the court is planning to have a committee, then he would also like to suggest names of some retired judges who have impeccable integrity. “Don’t give us names”’ the CJI said while wrapping up the proceedings for the day.
Earlier, the Centre had told the court that statutory bodies like Sebi are capable enough to protect investors’ interest and expressed apprehension that if a panel were to monitor the regulators, it would send a wrong message and impact the flow of money into the country.