SC asks SAT to dilute 'adverse observations' made against Sebi

NEW DELHI: The Supreme Court has directed the Securities Appellate Tribunal (SAT) to dilute "adverse observations" in a November 2019 order wherein it had cast aspersions on markets regulator Sebi.

The tribunal's order, dated November 14, 2019, had come in a case related to investor complaints that were not resolved. Sebi had moved the court against the order, which had come on an appeal filed by Ashok Dayabhai Shah and others.

"May be there was some remiss on the part of Sebi to act as a regulator, but casting aspersion was not warranted in the facts and circumstances of the case. As such, the adverse observations... are hereby diluted," the apex court said in its order dated January 27.

Citing observations of the tribunal, the apex court said that "we are of the opinion certain observations made in ... the impugned order were not called for." The court's order has been uploaded on the Sebi website.

Passing the order in the matter last year, the tribunal said "such computer generated disposal of a serious complaint speaks volume on the conduct of the respondents". Sebi, National Stock Exchange and Calcutta Stock Exchange, were among the respondents.

Further, the tribunal had said it "fails to fathom as to why the complaint could not have been decided unless Sebi officials had a vested interest in not deciding the matter".

Referring to the tribunal's observations, the court said, "we are of the opinion that certain observations made in... the impugned order were not called for, such as 'the computer generated disposal of a serious complaint speaks volume on the conduct of the respondents' as well as the part of the order relating to 'vested interest in not deciding the matter' were not at all called for".

LONDON: The UK has decided to let China's Huawei continue to be used in its 5G networks but with restrictions, including banning its equipment in the network's "sensitive parts", like the core, and capping the presence of its kit in the network's periphery to 35 per cent, reports said on Tuesday.

Huawei will also be excluded from areas near military bases and nuclear sites, the BBC reported.

The decision by the Boris Johnson government came despite pressure from the US and a section of Conservative MPS on grounds of national security. While a Trump administration official said the US "is disappointed" with the decision, Republican and former Speaker of the US House of Representatives Newt Gingrich, described it as a "strategic defeat" for his country.

On the other hand, China had warned Britain that there could be "substantial" repercussions to other trade and investment plans had the company been banned outright.