On Thursday, the Supreme Court of India indicated that it will hear on October 14 its plea by Mahua Moitra, which seeks a direction that obligates to have of ultimate beneficial owners and portfolios in Alternative Investment Funds (AIFs) and Foreign Portfolio Investors (FPIs) and their intermediaries to be publicly disclosed in India.
It was heard in a bench of Justices B.V. Nagarathna and R. Mahadevan. Moitra, represented by advocate Prashant Bhushan, told the court that they have already filed a reply, obtained by the Securities and Exchange Board of India (SEBI), to the detailed representation by the petitioner made earlier.
On April 1, the top court had ordered Moitra to provide a holistic representation to SEBI on the matter. Bhushan informed the bench that they have also submitted a response to the latest reply of SEBI that they received last month. He, however, noted that the explanation by SEBI, which made reference to the Prevention of Money Laundering Act (PMLA) and its regulations, was not sufficient to address the concerns of the petitioner.
The bench requested that Bhushan request a revision of the writ petition, yet he claimed that there was no need to make an amendment because the essence of the prayer in the plea had not been affected. He said that extra documents added by way of an amendment application were available by way of a supplementary affidavit.
The next hearing was then scheduled in October 14.
On September 26, Bhushan had told the court that the representation of Moitra dated May 23 was responded to by SEBI on September 23, after a letter dated September 19.
Public Interest Litigation (PIL) by Mahua Moitra is meant to increase transparency and awareness of investors in the financial markets of India by ensuring that the ownership and portfolios of AIFs and FPIs are publicly disclosed. According to the petition, such disclosures are critical to accountability in entities that are being regulated by SEBI.
Click Here for Chhattisgarh News
Click Here for Entertainment News