Chandrakant C Shah v. Securities and Exchange Board of India
Case brief
What is this about?
Bombay High Court OOCJ; PIL No. 26 of 2025; Chandrakant C. Shah (petitioner-in-person) v. Securities and Exchange Board of India (SEBI) & Anr.; decided 17-04-2025 by Alok Aradhe, CJ. and M.S. Karnik, J.; Article 226 Constitution of India; writ of mandamus; prohibition of new fund offers of mutual funds under 'Systematic Investment Plan' (SIP) banner; misleading/false/deceptive investment literature and advertisement; locus standi of public interest litigant who has suffered no legal injury; aggrieved investor may seek remedies; PIL not entertained and rejected with issue kept open.
What did the court decide?
The petitioner, though claiming to be a public interest litigant representing a cause in the interest of the public at large, has not suffered any legal injury; any investor who is aggrieved or suffers a legal injury can always seek remedies for redressal of grievance. Accordingly, the Bench was not inclined to entertain the PIL at the instance of the present petitioner.