Supreme Court to Examine TMC MP's Call for Greater Transparency in Investment Funds

The Supreme Court has slated October 9 to hear the plea of TMC MP Mahua Moitra, who is advocating for mandatory public disclosure of the ultimate beneficial owners and portfolios of alternative investment funds (AIFs) and foreign portfolio investors (FPIs) in India. Moitra aims to enhance transparency and investor awareness in financial markets with this appeal.

On April 1, the top court instructed Moitra to make a comprehensive representation to the Securities and Exchange Board of India (SEBI) concerning her demand. Advocate Prashant Bhushan, representing Moitra, confirmed that the initial representation had been made on May 23 and a SEBI response was received on September 23, dated September 19.

The court, comprising Justices B V Nagarathna and R Mahadevan, indicated that the petitioner might need to challenge SEBI's reply further. Meanwhile, the SEBI stands firm that it has adequately addressed the concerns raised. The court has adjourned further hearing to October 9, maintaining focus on Moitra's call for regulatory transparency.