Dr Dhananjaya Y Chandrachud, CJI Table of Contents A. Factual background and submissions ....................................................... 3 B. The scope of judicial review over SEBI’s regulatory domain ................. 11 C. There is no apparent regulatory failure attributable to SEBI .................. 17 D. The plea to transfer the investigation from SEBI to another agency or to an SIT .................................................................................................................. 23 i.

The power to transfer an investigation is exercised in extraordinary situations ........................................................................................................ 23 ii.

SEBI has prime facie conducted a comprehensive investigation ...... 25 iii. Reliance on the OCCRP report and the letter by DRI is misconceived 28 E. Allegations of conflict of interest against members of the Expert Committee .......................................................................................................... 30 F. Other recommendations by the Expert Committee ................................. 32 i.

Volatility and short selling ........................