Supreme Court asks SAT to dilute 'adverse observations' made against Sebi

The Supreme Court has directed the Securities Appellate Tribunal (SAT) to dilute "adverse observations" in a November 2019 order wherein it had cast aspersions on markets regulator Sebi.

The tribunal's order, dated November 14, 2019, had come in a case related to investor complaints that were not resolved.

Sebi had moved the court against the order, which had come on an appeal filed by Ashok Dayabhai Shah and others.

"May be there was some remiss on the part of Sebi to act as a regulator, but casting aspersion was not warranted in the facts and circumstances of the case. As such, the adverse observations... are hereby diluted," the apex court said in its order dated January 27.

Citing observations of the tribunal, the apex court said that "we are of the opinion certain observations made in ... the impugned order were not called for."