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This is an archive article published on July 28, 2012
SC issues notice to Centre on Sebi rules
A Bench headed by Justice SS Nijjar,however,refused to stay the specific provision in the Sebi Rules that gives the finance minister the power to make such a nomination.
Written by Express News Service
New Delhi | July 28, 2012 12:35 AM IST
2 min read
2 min read
The Supreme Court on Friday issued a notice to the Central government on a PIL challenging the finance ministers power to nominate two members in the search and selection board for appointment of the chairman of the Securities and Exchange Board of India Sebi and its full-time members.
A Bench headed by Justice SS Nijjar,however,refused to stay the specific provision in the Sebi Rules that gives the finance minister the power to make such a nomination.
The court was hearing an application filed by former IPS officer Julio Ribeiro and other civil society leaders. The plea claimed that the amended rule for appointment of the Sebi chief and whole-time members should be struck down as it was against the Sebi Act.
The PIL said the power given to the finance minister in the selection process affects the functioning of Sebi as an independent body.
The petitioners had moved the Supreme Court on similar grounds earlier, alleging that the former chairman,CB Bhave,was denied a five-year term and sought removal of UK Sinha as Sebi chief,and was declined twice by the court.
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