The Apex Court said on Friday that it will examine the new procedure for appointing the chief of Securities and Exchange Board of India (SEBI). The court will take up the case on November 21.

The Attorney General has told the court that the Centre will file an affidavit within two weeks.

Today, the court heard a petition filed by former Air chief S Krishnaswamy and two others. The petition says, as per the new procedure adopted for selecting SEBI chief, a five-member selection committee is put in place instead of an old, three-member committee.

The petition further says, Finance Minister has been allowed to nominate two persons in the selection committee, and hence, the market regulator’s independence is taken away.

It also states that SEBI is controlled by few persons in the Finance Ministry and extension was denied to SEBI’s ex-chief CB Bhave to protect illegal actions of private players. The petition claims that functioning of SEBI is hampered by political interference and unholy nexus between corporate houses and political bigwigs.

Suhaib Ilyasi