Sebi Seeks Special Court For Market

The Securities and Exchange Board of India (Sebi) filed appeals against the Securities Appellate Tribunal orders on the BPL and Videocon stock price manipulation cases in the Bombay High Court on August 17 and August 19, respectively.

This comes on the heels of Sebi filing a criminal writ petition in the court on August 14, reviving its four-year battle against Hindustan Lever over alleged insider trading.

Sebi also filed an application in the Bombay High Court seeking an early hearing of the case it filed in November 2001 against Sterlite, accusing it of price manipulation.

This is a prelude to the markets watchdog pursuing hundreds of cases that are now in limbo. Sebi has also moved the government, requesting it to set up a special court to settle all such cases soon.

Sebi had banned Sterlite, BPL and Videocon from entering the capital market by invoking Section 11B of the Sebi Act for manipulating market prices.

However, the Securities Appellate Tribunal set aside the Sebi orders because it did not approve of Sebi invoking Section 11B of the Act. The capital market watchdog has now appealed to the Bombay High Court against the tribunal