SC refuses to hear plea against SEBI chief reappointment

The Supreme Court on Tuesday refused to entertain a plea, challenging the reappointment of UK Sinha as chairman of market regulator Security and Exchange Board of India (SEBI) till 2017, saying that there is no bar on it.

“We are not inclined to hear this,” a Bench said, when senior advocate Indira Jaising, appearing for the petitioner, sought issuance of a notice on the plea.

Jaising referred to the alleged flouting of rules by the Centre in appointing Sinha and said that he was reappointed despite the fact that the selection committee did not include his name in the list of shortlisted candidates for the post. Also, no vigilance clearance was there, she said, alleging that there has been some connection of this appointment with the Saradha Chit Fund scam case.

“We have already directed the CBI to look into all aspects, including the role of regulators (SEBI, RBI) in the scam,” the Bench said.