New Delhi: The Centre on Monday informed the Supreme Court that Securities and Exchange Board of India (Sebi) is competent to handle the situation arising from Adani companies crash at stock market and conveyed its agreement for setting up of a committee, as proposed by the top court, to put in place a robust regulatory regime to protect investor interest in any future market volatility.
However, the Solicitor General Tushar Mehta informed a bench of Chief Justice D.Y. Chandrachud, Justice P.S. Narasimha and Justice J.B. Pardiwala that the remit of the committee is important since it has an effect on foreign investors and the flow of capital. He also said that the government will provide the scope of the remit and the names of the experts in a sealed cover.
The court adjourned the hearing on two petitions related to the situation arising from the Hindenburg report on Adani group and posted the matter for hearing on February 17, 2023.
The court asked the Centre to apprise it about the remit of the committee by the next hearing.
The last hearing in this matter was held on February 10.
