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The Supreme Court on Tuesday disposed of a PIL plea filed by TMC MP Mahua Moitra over non-regulation by SEBI with regard to two categories of investments, Alternative Investments Funds and Foreign Portfolio Investments.
A bench led by Justice BV Nagarathna directed the petitioner, Moitra, to first make a representation to the SEBI in this regard. "The petitioner is at liberty to make a detailed representation to the respondent (SEBI), ventilating the grievances that have been enumerated in this Writ Petition. Should such a representation be made to the respondent, the same shall be considered in terms of law," the Court noted in its order. These two categories of investments hold 25 per cent of the stakes (in the stock market) worth around Rs 90 lakh crores, the top court was informed by Advocate Prashant Bhushan, who appeared for Moitra. Bhushan sought that SEBI must regulate such types of investments and regulate who is investing by imposing a disclosure rule. Further, it was submitted that SEBI's current regulatory regime, with regard to disclosures, applied only to investors whose assets exceed fifty thousand crores. "If assets are more than 50,000 crore, then only you have to disclose. Such non-regulation and non-disclosure (by SEBI) are leading to certain problems," Bhushan argued. On being asked by the top court if a representation has been made, in this regard, by the petitioner to SEBI, Bhushan responded by stating that a justification has been issued by the securities regulator that such a mechanism will lead to violation of privacy for the people (investors). "You file a representation (to SEBI). You haven't given any opportunity for them (SEBI) to apply their minds," Justice Nagarathna stated. After issuing its order, the top court proceeded to dispose of the plea. (ANI)
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