Regulatory independence

Courts should not worry about financial market volatility

The Supreme Court has put the Securities and Exchange Board of India (Sebi) in a difficult spot. The court last week constituted a high-profile committee, headed by former Supreme Court judge Abhay Manohar Sapre, “to provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past”. The committee, which includes former State Bank of India chairman O P Bhatt, Infosys co-founder Nandan Nilekani, banker K V Kamath, retired judge J P Devadhar, and securities law specialist advocate Somasekhar Sundaresan, is further expected to assess whether there were regulatory failures in the context of the alleged violation of securities market laws in relation to the Adani group or other companies. It would also be expected to suggest measures to strengthen the regulatory framework to protect Indian investors.

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