'Parliament has given us limited set of powers': SEBI chief on law system

Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch on Wednesday asserted that "we do not have unlimited powers, Parliament has given us a limited set of powers". 

Addressing the media after the board meeting, Madhabi Puri Buch said: "Everybody assumes SEBI has unlimited powers. Parliament is very sensible, it has given us a limited set of powers. There are nuisances in law that required us to act in a certain way. Do we believe we need to fix that? Are we on our way? Yes. it takes time despite the speed you see."

Madhabi Puri Buch, SEBI Chairperson says, "...Everybody assumes SEBI has unlimited powers. Parliament has given us limited set of powers...There are nuisances in law that required us to act in a certain way. Do we believe we need to fix that?Are we on our way?Yes. Takes time..." pic.twitter.com/ZiPlcu3Kit

— ANI (@ANI) March 29, 2023

SEBI Chairperson Madhabi Puri Buch refused to comment on the Adani issue and said that the matter is sub-judice. "We never comment on entity-specific matters as a policy, and on top of that, the matter is before the Supreme Court. We never comment on sub-judice matters," said Buch addressing the media after a board meeting of SEBI

"We will follow the advice of the apex court. We are duty-bound to follow whatever the highest court of the land has said," she added.

Notably, on March 2, the Supreme Court set up an expert committee amid the controversy arising out of a report by US short-seller Hindenburg Research on the Adani Group. It directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules and any manipulation of stock prices.

Further, she informed that the apex court has instructed the regulator to precisely give the update to the committee and it will be inappropriate to comment on the matter.