The Supreme Court on Friday refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for stock markets in the wake of the recent Adani Group shares crash triggered by Hindenburg Research’s fraud allegations. Observing that it wanted “full transparency for protection of investors”, the SC also ruled out the possibility of any sitting judge overseeing the functioning of the proposed panel.

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“In case we take your suggestions from sealed cover, it automatically means the other party won’t know. We want full transparency for the protection of investors. We will form a committee. There will be a sense of confidence in the court,” said the bench headed by Chief Justice D Y Chandrachud. “Sitting (SC) judges can hear the matter,” it added.

On February 10, the SC had said the interest of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look at strengthening the regulatory mechanism.

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