SC to hear TMC MP's plea to mandate public disclosure of FPIs on Oct 9

New Delhi, Sep 26 (PTI) The Supreme Court on Friday set October 9 to hear TMC MP Mahua Moitra’s plea to mandate public disclosure of ultimate beneficial owners and portfolios of alternative investment

funds (AIFs), foreign portfolio investors and their intermediaries in India.

The top court on April 1 asked Moitra to make a detailed representation to the Securities and Exchange Board of India (SEBI) on the issue.

On Friday, a bench of Justices B V Nagarathna and R Mahadevan asked advocate Prashant Bhushan, appearing for Moitra, whether the petitioner had given a representation to the SEBI.

Bhushan said Moitra had given a representation on May 23 but the reply from SEBI was received on September 23.

He said the reply was dated September 19 but was given to the petitioner on September 23.

Bhushan said he would place the reply on record.

“I don’t need to file a fresh writ (petition). I will treat this reply as virtually a response to this petition. I will file a short affidavit,” he said.

When bench asked, “You are aggrieved by that reply”, Bhushan responded, “Yes, off course”.

After the bench said the petitioner would have to challenge it, Bhushan said the prayer that she was seeking was transparency in the alternative investment funds and foreign portfolio investors.

“I will file a response to this. I will say what is the problem with this,” he said.

The counsel appearing for the Centre said the SEBI has answered everything.

The bench adjourned the matter for October 9.

On April 1, while disposing of Moitra’s plea, the apex court said once such a representation would be made, the same be considered in accordance with law.

The top court then observed if the authorities didn’t consider the representation within a reasonable time, the petitioner had legal remedies.

Moitra had said her PIL sought transparency and investor awareness in India’s financial markets by mandating public disclosure of ultimate beneficial owners details as well as portfolio holdings of AIFs and FPIs.

SEBI regulates the securities markets in India, the plea had said, and as part of its mandate, the Board oversees the operations of AIFs and FPIs. PTI ABA ABA AMK AMK