8 publishers · first seen Thu, 29 Oct 2026 07:12 UTC · updated Fri, 30 Oct 2026 02:11 UTC
The Supreme Court has dismissed a plea by Trinamool Congress MP Mahua Moitra seeking full public disclosure of the ultimate beneficial owners and portfolio holdings of Alternative Investment Funds (AIFs) and Foreign Portfolio Investors (FPIs), stating it could not issue a mandamus without an existing legal framework. A three-judge bench headed by Justice BV Nagarathna said the Union government and the Securities and Exchange Board of India (SEBI) must first establish a regulatory regime before such disclosures could be mandated.
Moitra, represented by advocate Prashant Bhushan, argued that the lack of transparency in AIFs and FPIs posed risks to investors and the financial market. The court noted that while SEBI receives disclosures from these entities, there is no legal requirement for public disclosure, and suggested the issue could have been raised in Parliament for discussion.
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