Supreme Court accepts SEBI’s reply, trashes PIL for probe in ponzi schemes

The Supreme Court on Thursday accepted market regulator SEBI's contention that over 1500 cases of banned ponzi schemes were referred to other agencies for further probe as they did not fall under its jurisdiction.

The disposal of the PIL by the apex court, which agreed to the submission of SEBI, led lawyer Prashant Bhushan, appearing for an NGO, to start arguments on a high pitch and allege that this approach would render the jurisdiction of PILs, devised to help poor, "meaningless".

However, Bhushan's statement did not go down well with the bench headed by Chief Justice J S Khehar which shot back saying "Who are you?"

"All the orders of SEBI are available on its website and aggrieved persons can challenge them and they may hire you (Bhushan) as a counsel as well", the bench said, adding that the PIL is disposed of and "no further action" is required.

"The investigations have already been transferred to other agencies which are beyond the jurisdiction of SEBI.

These are responsible agencies. What else do you want? A super agency above the Supreme Court, the President, what is the solution," the bench also comprising Justices D Y Chandrachud and S K Kaul, asked.

Perusing the joint affidavit filed by the Centre and the Securities and Exchange Board of India (SEBI), the bench said it was in agreement with the regulator on rightly transferring 1538 cases to other empowered agencies.