Sebi remains wary of sharing evidence

The Securities and Exchange Board of India (Sebi) continues to maintain a cautious stance when it comes to sharing documents with the accused despite the Supreme Court’s (SC’s) disapproval of its approach.

- Pavan Burugula

In the recent past, the regulator has declined requests for additional documents by accused parties in at least four different cases, two people with direct knowledge of the matter said.

Last year, the SC pulled up Sebi for “selective" sharing of documents. In a case pertaining to Reliance Industries Ltd (RIL), the court observed that refusal to share necessary reports and documents is a gross violation of the right to natural justice. The top court had then ordered Sebi to share the documents with RIL.