The Supreme Court on Friday dismissed a petition filed by stock market watchdog Sebi seeking transfer of petitions pending before different high courts challenging its regulatory powers under Sebi Regulations 1999.
A bench headed by Justice H K Sema after hearing all the parties dismissed the transfer petition. Solicitor General G E Vahanvati said Sebi was seeking the transfer of the petitions from the high courts of Madhya Pradesh, Gujarat and Chhattisgarh to the apex court on the grounds that these involved similar questions relating to the vires of the Sebi Act 1992 and Sebi (Collective Investment Scheme) Regulations 1999.
“We have already conflicting judgements from the high courts of Punjab and Haryana, and Rajasthan, pending before the Supreme Court, and there was a need to stop such different decisions on the issue,” Mr Vahanvati added.