The Supreme Court on Friday fixed October 9 to hear Trinamool Congress (TMC) MP Mahua Moitra’s petition seeking mandatory public disclosure of ultimate beneficial owners (UBOs) and portfolio holdings of Alternative Investment Funds (AIFs), Foreign Portfolio Investors (FPIs), and their intermediaries in India.
Moitra had earlier approached the top court demanding greater transparency and investor awareness in India’s financial markets. On April 1, the Supreme Court had directed her to submit a detailed representation to the Securities and Exchange Board of India (SEBI), which regulates AIFs and FPIs.
Pursuant to this, advocate Prashant Bhushan, representing Moitra, informed the bench of Justices B.V. Nagarathna and R. Mahadevan that a representation was filed before SEBI on May 23. SEBI’s reply, dated September 19, was communicated to Moitra only on September 23, he added.
Bhushan told the bench that he would place SEBI’s reply on record.
“I don’t need to file a fresh writ. I will treat this reply as virtually a response to this petition. I will file a short affidavit,” Bhushan said, when the bench inquired about the next steps.
When asked if Moitra was aggrieved by SEBI’s reply, Bhushan confirmed, “Yes, of course.” He clarified that the core relief sought was transparency in disclosures by investment funds and foreign investors, which SEBI’s response failed to adequately address.
The Centre’s counsel, however, argued that SEBI had “answered everything.” After hearing the parties, the bench adjourned the matter to October 9.
While disposing of Moitra’s plea in April, the apex court had said that her representation must be duly considered by SEBI in accordance with law. It had also clarified that if such representation was not addressed within a reasonable time, the petitioner had remedies under law.
