Supreme Court to Hear Mahua Moitra's Plea on Financial Transparency
The Supreme Court is set to hear TMC MP Mahua Moitra's plea on October 14, seeking the public disclosure of beneficial owners and portfolios of AIFs, FPIs, and their intermediaries. The case follows SEBI's unsatisfactory response to the transparency and investor awareness issue raised in Moitra's PIL.
- Country:
- India
The Supreme Court announced it will hear a plea on October 14 by TMC MP Mahua Moitra, aiming to enforce transparency in India's financial markets. The plea demands public disclosure of the ultimate beneficial owners and portfolio details of alternative investment funds (AIFs) and foreign portfolio investors (FPIs).
The request, represented by advocate Prashant Bhushan, emerged after filing a detailed presentation to the Securities and Exchange Board of India (SEBI) and receiving an unsatisfactory response. SEBI maintains that regulations under the Prevention of Money Laundering Act address the issue.
Moitra's public interest litigation aims to boost investor awareness and transparency. The Supreme Court had previously urged Moitra to approach SEBI first, promising remedies if authorities failed to act promptly.
(With inputs from agencies.)
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