Centre agrees to SC proposal of setting up of a panel of experts on regulatory mechanism
Adani-Hindenburg row
New Delhi, Feb 13: The Centre has no objection to a proposal for setting up a panel of domain experts to look into strengthening the regulatory mechanisms for the stock market, the Supreme Court was told on Monday while it was hearing pleas relating to the Adani stocks rout after the Hindenburg report.
The central government, however, told a bench headed by Chief Justice DY Chandrachud that it wanted to give the names of the domain experts for the committee and the scope of its mandate in a sealed cover in larger interest.
Solicitor General Tushar Mehta, appearing for the Centre and SEBI, said that the market regulator and other statutory bodies are equipped to deal with the present situation arising out of the Hindenburg report.
"The government has no objection to forming a committee. But, the remit of the committee, we can suggest. We can provide names in a sealed cover," the law officer said.
Mehta apprehended that any "unintentional" message on setting up of the panel may have some adverse impact on the inflow of money.
The top court has now listed two PILs, alleging exploitation of innocent investors and "artificial crashing" of the Adani Group's stock value, for hearing on Friday.
On February 10, the top court said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanisms.
It had also sought the views of the Securities and Exchange Board of India (SEBI) and the Centre as to how to ensure a robust mechanism is in place since the capital movement now is "seamless" in the country.
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Death toll in Mundathikode fireworks explosion rises to 16
Thrissur (Kerala) (PTI): One more person who had been hospitalised following the Mundathikode fireworks explosion died at Thrissur Medical College on Sunday, police said.
With this, the death toll in the incident has risen to 16.
According to Thrissur Medical College police, the deceased has been identified as Unnikrishnan from Edappal, who was among the 38 persons present at the fireworks manufacturing unit in Mundathikode where the explosions occurred on April 21.
Police said Unnikrishnan had suffered over 80 per cent burns and had remained in critical condition.
The condition of the two other injured persons remains critical, police said.
Of the 38 persons present at the site, 16 have died, while four remain missing.
The fireworks were being manufactured for Thiruvambady Devaswom as part of the Thrissur Pooram festivities.
The licensee of the unit had also suffered burn injuries and had died earlier.
