Disposed
Mr. Sapan Shrivastava v. Securities and Exchange Board of India
Bombay HCPIL/38/2016
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY…
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3-PIL-38-2016.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION
PUBLIC INTEREST LITIGATION PETITION NO.38 OF 2016
Mr. Sapan Shrivastava ..Petitioner Versus Securities and Exchange Board of India ..Respondents
Petitioner present in person.
Coram : SHANTANU KEMKAR & M.S.KARNIK, JJ.
Date : 20th July, 2016.
P. C. :
NOT ON BOARD. TAKEN ON BOARD. PRODUCTION GRANTED IN VIEW OF URGENCY.
Petitioner is present in person. He is heard. The grievance off the Petitioner is that many financial institutions have floated mutual fund schemes without approval by the Respondent-SEBI. His grievance is that the said financial institutions are claiming that they have got approval from the SEBI. The Petitioner submits that in regard to his grievances, he submitted various representations to the SEBI but the Respondent-SEBI has not paid any heed to those representations. Today, when the matter came up for hearing, the only limited prayer made by the Petitioner is that, liberty be given to him to submit fresh detailed representation with supporting documents before the Respondent-SEBI and to direct the SEBI to
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3-PIL-38-2016.doc
consider the same and take appropriate decision/steps on it in accordance with law.
2 In view of the aforesaid prayer, we dispose of this petition by granting liberty to the Petitioner to submit fresh detail representation with supporting documents before the RespondentSEBI within four weeks from today. On receipt of the same, the Respondent-SEBI shall look into the Petitioner's representation and shall take appropriate decision/steps on it in accordance with law as expeditiously as possible.
3 Petition stands disposed of.
[M.S.KARNIK, J.]
[SHANTANU KEMKAR, J.]
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Petitioner
Securities and Exchange Board of India
SHANTANU KEMKAR
M.S. KARNIK
As recorded by the court registry
Litigation brought on behalf of the public interest rather than a personal grievance, relaxing the usual rule of locus standi.
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