The Supreme Court on Thursday ordered the setting up of a six-member committee headed by former apex court judge A M Sapre to look into various regulatory aspects for stock markets, including the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations.
A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said the panel will make an overall assessment of the situation, suggest measures to make investors aware, and strengthen existing regulatory measures for stock markets.
The bench also directed the Centre, financial statutory bodies, and the SEBI chairperson to render all cooperation to the panel which will have to submit its report within two months. Former judges OP Bhat and JP Devdatt are also part of the probe committee.
The court also named Nandan Nilekani, KV Kamath, and Somasekharan Sundaresan as three other members of the committee. While reserving its order, the top court on February 17 refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts.
Till now four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.
Also read: Smuggling Attempt At US Borders: Two Indian Nationals Among Five Persons Arrested By Authorities
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Source-PTI
This election is one of the most divisive in US history. Harris and Trump have…
Opposition members alleged that Pal calls JPC meetings without consulting them and restricts their opportunity…
The Delhi Police opposed Saifi’s bail, citing evidence from WhatsApp messages exchanged among the accused.…
To protect millions of devotees at Maha Kumbh, the UP govt is implementing advanced security…
This landmark event, organized at the historic Military Institute, will honor the sacrifices of the…
The Supreme Court has also paused the Allahabad High Court’s order for a survey of…