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Centre agrees to SC proposal on expert panel
Centre agrees to SC proposal on expert panel
But wants its say in constitution of committee
New Delhi: The Union government on Monday agreed to Supreme Court's proposal to set up a panel of experts to look into strengthening the regulatory mechanisms for the stock market in the wake of recent Adani Group shares' crash triggered by Hindenburg Research's fraud allegations.
Saying it has no objection to constituting the panel, the Centre, at the same time, stressed that market regulator Securities and Exchange Board of India (SEBI) and other statutory bodies are "fully equipped", not only regime wise, but otherwise also to deal with the situation.
The Central government, however, told the bench headed by Chief Justice DY Chandrachud that it wanted to give the names of the domain experts for the committee and the scope of its mandate in a sealed cover in larger interest.
The top court on Friday said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanisms.
The SC bench, also comprising Justices PS Narasimha and JB Pardiwala, which was hearing two PILs alleging exploitation of innocent investors and "artificial crashing" of the Adani Group's stock value, was told by Solicitor General Tushar Mehta that the Centre was agreeable to the proposal as it came from the court. "I have instructions that the SEBI and other agencies are fully equipped, not only regime wise, but otherwise also to take care of the situation. However, responding to the suggestion which fell from the court, the government has no objection to constituting a committee," Mehta said.
"But the remit of the committee would be very relevant because any unintentional message to international investors or domestic investors that the regulatory authorities need a monitoring by the committee may have some adverse impact on the flow of money," the top law officer said at the outset of the hearing.
He said the Centre may be allowed to suggest names, who are people of "some calibre" and scope of the proposed committee in a sealed cover because it may not be appropriate to discuss these in open court hearings.
The bench then asked the law officer to give the note by Wednesday and listed the two PILs for further hearing on February 17. The top court had also sought the views of the SEBI and the Centre as to how to ensure putting a robust mechanism in place since the capital movement now is "seamless" in the country.
