SC expunges SAT's adverse comments against Sebi in investor complaint case

Market regulator had taken on SAT, stating that a computer-generated response by Sebi can't be regarded as an order. It also said SAT had exceeded its jurisdiction in making adverse remarks against it

The Supreme Court has expunged adverse comments made by the Securities Appellate Tribunal (SAT) against market regulator Securities and Exchange Board of India (Sebi) in a recent order pertaining to handling of an investors complaint.

“We have no hesitation in stating that the Sebi as a regulator in the instant case has not performed its duties and has kept the complaint pending for more than six years which speaks volumes by itself. The tribunal fails to fathom as to why the complaint could not have been decided unless Sebi officials had a vested interest in not deciding the matter,” SAT