Supreme Court issues notice to Sebi on Reliance's plea for documents

The Supreme Court issued a notice to the Securities and Exchange Board of India (Sebi) on Monday, November 7 on Reliance Industries Ltd’s plea, seeking certain documents from the regulator, Livemint reported.

“We issued a notice to Sebi in the matter. We will consider it," said the apex court's bench led by Justice M.R. Shah

On August 5, the court directed the regulator to provide the necessary documents to Reliance. Following this Sebi filed a review petition in the matter on September 29.

"Sebi as a regulator has a duty to act fairly. It is not to circumvent the rule of law and has to show fairness. We direct Sebi to furnish the document sought by RIL [Reliance],” said the apex court in its August 5 order. Read more

“The court had passed the order on 5 August and we are on 7 November.... Despite repeated requests, Sebi has not taken any action with respect to providing the documents," Harish Salve, senior counsel representing RIL said in court.

Reliance has sought access to certain documents relied upon by Sebi in a probe relating to a share acquisition matter. 

Sebi refused to entertain RIL’s request to share the documents saying that according to Sebi (Settlement Proceedings) Regulations, the company has no right to demand information from it. 

The Supreme Court rejected Sebi’s stand today according to the report.