New Delhi, Oct. 9 -- The Supreme Court today heard a petition filed by Trinamool Congress MP Mahua Moitra seeking directions to the Securities and Exchange Board of India (SEBI) to mandate public disclosure of Ultimate Beneficial Owners (UBOs), last natural persons, and portfolios of Alternative Investment Funds (AIFs), Foreign Portfolio Investors (FPIs), and their intermediaries operating in India.
Appearing for Moitra, Advocate Prashant Bhushan argued that SEBI's reliance on the Prevention of Money Laundering Act (PMLA) regulations was inadequate, as the PMLA does not require public disclosure. "We are not on the reply since it does not answer this at all," he submitted.
A Bench of Justice B.V. Nagarathna and Justice R. Mahadevan noted ...