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SC refuses to hear plea challenging reappointment of U K Sinha as SEBI chief

India TV Business Desk 26 Apr 2016, 13:48:55 IST
India TV Business Desk

New Delhi: The Supreme Court refused the public interest litigation (PIL) for the reappointment of Securities and Exchange Board of India (Sebi) chairman U.K. Sinha.

This decision was taken by a three-judge bench comprising chief justice T.S. Thakur, justices U.U. Lalit and R. Banumathi. The bench said there is no bar on reappointment after serving five years and Sinha already was given two terms.

Senior advocate Indira Jaising, appeared for the petitioner, asked for a notice on the plea seeking reappointment of Sinha as the SEBI head.

Jaising referred to the alleged flouting of rules or norms by the Centre in appointing Sinha and said that he has been reappointed despite the fact that the selection committee did not include his name in the list of the shortlisted candidates for the post.

Also read: Vijay Mallya not cooperating with probe, banks tell Supreme Court

Moreover, no vigilance clearance was there, she said, alleging that there has been some connection of this appointment with the Saradha Chit Fund scam case.

"We have already directed the CBI to look into all the aspects, including the role of regulators (SEBI, RBI) in the scam," the court said.

The bench was hearing a plea filed by a former Indian Revenue Service officer Udai Babu Khalwadekar.

The tenure of Sinha, who had taken over as SEBI chief in 2011, was extended by the government with his reappointment in 2014 for a period of three years – till March 1, 2017.