New Delhi, Oct. 1 -- The Securities Exchange Board of India (Sebi) has defended the policy of keeping identity of beneficial owners of Alternate Investment Funds (AIFs) and Foreign Portfolio Investments (FPIs) under wraps citing privacy and confidential rights in its response to a representation by Trinamool Congress lawmaker Mahua Moitra. Moitra questioned the lack of transparency in public disclosure of beneficiaries of AIFs and FPIs alleging the opaque governing structure poses risk of money laundering, tax evasion and market manipulation. Sebi's response will now be challenged by Moitra before the Supreme Court. On Friday, a bench of justices BV Nagarathna allowed the Krishnanagar (WB) MP to amend her petition in view of the fresh respo...