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The Supreme Court today issued notice to the Centre on a PIL challenging the Finance Minister's power to nominate two members in the search and selection board for appointment of SEBI chairman and full time members.
A bench headed by S S Nijjar, however, refused to stay Rule 3 (5)(e) of Securities and Exchange Board of India (SEBI) (Terms and Conditions of Service of Chairman and Members) Rules, 1992, which empower the Finance Minister to nominate two members.
The court passed the order on a petition filed by former IPS officer Julio Ribeiro and other members of civil society
alleging that the rules framed by the government were contrary to the SEBI Act.
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