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2024 Supreme(SC) 9

D. Y. CHANDRACHUD, J. B. PARDIWALA, MANOJ MISRA
Vishal Tiwari – Appellant
Versus
Union of India – Respondent


Advocates appeared:
For the Petitioner(s): Mr Vishal Tiwari, in-person Mr. Manohar Lal Sharma, in-person Mr. Prashant Bhushan, Adv. Mr. Ramesh Kumar Mishra, AOR Ms. Neha Rathi, Adv. Ms. Kajal Giri, Adv. Mr. Varun Thakur, Adv. Mr. Deepak Goel, Adv. Mrs. Tanuj Bagga Sharma, Adv. Dr. M.K Ravi, Adv. Ms. Alka Goyal, Adv. Dr. Praveen Hans, Adv. For M/S. Varun Thakur & Associates
For the Respondent(s): Mr. Tushar Mehta, Solicitor General Mr. Arvind Datar, Sr. Adv. Mr. Pratap Venugopal, Adv. Ms. Surekha Raman, Adv. Mr. Abhishek Anand, Adv. Mr. Shreyash Kumar, Adv. Ms. Unnimaya S., Adv. For M/S. K J John And Co, AOR Mr. Tushar Mehta, Solicitor General Mr. Raj Bahadur Yadav, AOR Mr. Kanu Agrawal, Adv. Mr. Pratap Venugopal, Adv. Mr. Pratyush Srivastav, Adv. Mr. Sandeep Kumar Mahapatra, Adv. Mr. Tushar Mehta, Solicitor General Mr. Kanu Agrawal, Adv. Mr. Rajat Nair, Adv. Mr. Sandeep Kumar Mahapatra, Adv. Mr. Pratyush Shrivastava, Adv. Mr. Pratap Venugopal, Adv. Mr. Arvind Kumar Sharma, AOR Mr. Tushar Mehta, Solicitor General Mr. Mukesh Kumar Maroria, AOR Mr. Rajat Nair, Adv. Mr. Kanu Agarwal, Adv. Mr. Sandeep Kumar Mahapatra, Adv. Mr. Pratyush Srivastav, Adv. Mr. Pratap Venugopal, Adv. Mr. Ramesh Babu M. R., AOR Ms. Manisha Singh, Adv. Ms. Nisha Sharma, Adv. Mr. Rohan Srivastava, Adv. Ms. Ekta Choudhary, AOR Mr. Divyank Dutt Dwivedi, Adv. Ms. Aditi Sharma, Adv. Mr. Sanjay Kapur, AOR Mr. Devesh Dubey, Adv. Mr. Arjun Bhatia, Adv. Applicant-in-person

JUDGMENT :

DHANANJAYA Y. CHANDRACHUD, CJI.

Table of Contents

(A)

Factual background and submissions

(B)

The scope of judicial review over SEBI’s regulatory domain

(C)

There is no apparent regulatory failure attributable to SEBI

(D)

The plea to transfer the investigation from SEBI to another agency or to an SIT

(i)

The power to transfer an investigation is exercised in extraordinary situations

(ii)

SEBI has prime facie conducted a comprehensive investigation

(iii)

Reliance on the OCCRP report and the letter by DRI is misconceived

(E)

Allegations of conflict of interest against members of the Expert Committee

(F)

Other recommendations by the Expert Committee

(i)

Volatility and short selling

(ii)

Investor Awareness

(iii)

Recommendations of the Expert Committee to strengthen regulatory framework and secure compliance to protect investors

(G)

Conclusion

1. A batch of writ petitions filed before this Court under Article 32 of the Constitution in February 2023, raised co

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