New Delhi: The government has received a major setback from the apex court on the expert panel on strengthening regulatory measures for the stock market. In fact, the Supreme Court has refused to accept the Central Government's suggestion in a sealed cover. The court says it will not accept suggestions from the central government in a sealed cover to ensure transparency.
A bench headed by Chief Justice (CJI) DY Chandrachud said that we want to maintain complete transparency in the matter related to the interests of the investors. We cannot accept your suggestion in a sealed cover. Please tell that Justice PS Narasimha and Justice JB Pardiwala are also included in this bench. Let us inform you that, earlier during the hearing on Monday (February 13), the Center had told the court that it had no problem with the proposal to set up an expert panel to strengthen the regulatory mechanism for the stock market. According to the government, in view of the larger interest, it wants to inform the court about the names of experts for the panel and their area of work in a sealed cover. The government had expressed apprehension in the court that any 'inadvertent' message on the panel could have a negative impact on the cash flow of the market. But, the court refused to accept the sealed envelope.
Let us tell you that after the report of Hindenburg Research on Adani Group, there is an atmosphere of volatility in the stock market. After this report, the Adani group and its investors have suffered a loss of several lakh crores. Four separate petitions have been filed in the Supreme Court regarding this matter. The names of the petitioners are advocate ML Sharma, Vishal Tiwari, Congress leader Jaya Thakur, and Mukesh Kumar. Mainly hearing Vishal Tiwari and ML Sharma, the apex court asked several questions to SEBI and the government. Along with this, a suggestion was also given for an expert panel. Let us tell you that Solicitor General Tushar Mehta is arguing on behalf of the Central Government and SEBI.
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