Some people believe that SEBI lacks legal strength, but its chairman Madhabi Puri Buch stated on Wednesday that “the facts are just the opposite.”
In the high-profile NSE co-location case, in which the Supreme Court partially upheld SEBI’s orders to pay Rs 600 crore to NSE, SEBI recently lost.
It partially overturned SEBI’s order, allowing the largest equity exchange to be fined only Rs 100 crore and requesting SEBI to refund the remainder to the exchange.
“While we acknowledge that public perception is against us, the facts are just the opposite,” Buch stated during a press conference that followed a board meeting that took place in this location earlier this evening.
She provided specifics, stating, “We win on average 75% of the cases in the Supreme Court.” This indicates that we only lose one-fourth of the cases that reach the highest court. Also, I don’t believe so.” Unfortunate run rate.
Buch stated, “By 2021, our success rate is well above 81 percent when it comes to the Securities Appellate Tribunal.”
She also stated that one or more cases are involved in 75% of Supreme Court cases.
However, it stated that the regulator lacks capabilities in some aspects of the regulatory and punitive powers. He responded, “For example, in forensic audit, we are nowhere,” when asked why SEBI is outsourcing its investigative functions.
However, our capabilities have vastly improved in the majority of other areas. Today, we also perform algorithm-driven valuations. Additionally, our market intelligence has significantly improved. We can do algo-level examination today. In our examination today, the degree of granularity is extremely high,” he said.
first released: 29 March 2023, 10:34 a.m.