New Delhi, Oct. 16 -- When two of the capital market regulator's four board members stepped down this year, they left nearly two dozen high-profile cases pending-matters that could influence India's market jurisprudence.

time members Ashwani Bhatia and Ananth Narayan G. in May and October, respectively, have left the Securities and Exchange Board of India operating at half strength. The two were overseeing cases involving companies such as Gensol Engineering Ltd, Religare Enterprises Ltd, and the US-based hedge fund Jane Street.

Even as Sebi's looking to find replacements for Bhatia and Narayan, the terms of the remaining two whole-time members, Kamlesh Chandra Varshney and Amarjeet Singh, are set to end in June and August, respectively...