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SC stands by UK Sinha as SEBI chairman, yet again

The Supreme Court has, for the third time, upheld the appointment of Securities and Exchange Board of India (SEBI) chairman UK Sinha, Mint reported.

Dismissing a September 2012 petition filed by a Bangalore-based financial expert alleging irregularities in the process of his appointment, a bench of justices SS Nijjar and PC Ghose said that even though the petition was worth dismissing on several grounds they chose to examine the issue to “satisfy [their] judicial conscience”

In substance the petition had asserted that rules were bent to select Sinha to the chair.

In Friday’s 87-page order the judges accused the petitioners of being “stool pigeons” of powerful corporate lobbies, reported the Business Standard. They said: “We are unable to easily discard the reasoning. The anxiety of these business houses for the removal of the present Sebi chairman is not wholly unimaginable. We have been left with the very unsavoury impression that the petition is more for the protection of the vested interests of some unidentified business lobbies.”

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