Supreme Court Rejects Centre’s Proposal for Stock Market Panel in Sealed Cover, Citing Need for Transparency
In a move to maintain transparency for investors, the Supreme Court has refused to accept the Adani Group Centre’s suggestion for a panel of experts to strengthen regulatory measures for the stock market in a sealed cover. The bench, comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala, stated that they will not accept the Centre’s suggestion in a sealed cover to ensure complete transparency.
The Centre had previously agreed to the Supreme Court’s proposal to establish a panel of experts to strengthen regulatory mechanisms for the stock market following the recent Adani group shares crash, which was triggered by Hindenburg Research’s fraud allegations. While the Centre did not object to forming the panel, it insisted on providing details such as names and the panel’s mandate scope in a sealed cover.
Currently, four Public Interest Litigations (PILs) have been filed on this matter in the top court by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur, and activist Mukesh Kumar.
The Adani Group, which has seen its stocks plummet on the bourses since the Hindenburg Research’s allegations, has denied the charges, claiming that it complies with all laws and disclosure requirements. Meanwhile, the bench’s decision to prioritize transparency underscores the importance of openness and accountability in the regulatory process.
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