Mumbai:

Chief Justice of India DY Chandrachud today advised market regulator SEBI and the Securities Appellate Tribunal (SAT) to exercise caution amid a significant surge in equity markets and pitched for more tribunal benches to ensure that the “backbone is stable”.

Inaugurating the new SAT premises, CJI Chandrachud pitched for authorities to consider opening up new benches of the SAT given the higher workloads because of higher quantum of transactions and newer regulations.

Referring to newspaper articles calling the crossing of the 80,000 points milestone by the Bombay Stock Exchange as an ecstatic moment, where India is entering a “stratospheric domain”, the CJI pointed out that such events emphasize the need for regulatory authorities to ensure that everyone holds their “balance and nerves” amid the wins.

“The more you see the surge in the stock market, the greater the role, I believe, for SEBI and SAT, as institutions which will exercise caution, celebrate the successes but at the same time, ensure that the backbone is stable,” the CJI said.

He added that SEBI and appellate fora like SAT assume “immense national importance” in fostering a stable and predictable investment environment, and explained how this can benefit in economic growth for the country.

“When investors feel assured that their investments are protected by law and that there are effective mechanisms for dispute resolution, they are more likely to invest in the country’s markets. This influx of investment can lead to better economic outcomes such as increased capital formation, job creation and overall economic growth,” the CJI said.

The role of SAT in the “dog eat dog” world of finance is that of a referee in ensuring that everybody plays by the rules, he said, stressing on the need to be updated by keeping pace with new developments.

With the rapid growth in the number of market participants and transaction volumes, there is a likelihood of an increase in disputes and may be even instances of regulatory non-compliance, he said.

In addition, issues like market conduct and corporate governance have increased appeals filed with SAT “manifold”, the CJI said, pitching for an early filling up of the vacancies at SAT to ensure that the tribunal functions effectively and at full capacity.

CJI Chandrachud, who called the event as a “homecoming” because he had appeared in the tribunal first as a lawyer, also pitched for more SAT benches pointing out that the statutes allows for it.

He later told reporters that creating additional benches is a “policy issue” and he has flagged the issue as the Chief Justice of India given the growth in the work. “It is an aspect which should be considered by those who have responsibility for taking these decisions,” he said.

SAT’s presiding officer Justice PS Dinesh Kumar said there are 1,028 pending appeals in the SAT and it has disposed of over 6,700 appeals since its inception in 1997.

The CJI said timely actions and correction of aberrations is very important in the financial sphere, and cited a 5-bench judgement on a critical matter recently which came within a month of the original order as a case in point.

The CJI also shared the thinking during the selection of the SAT head recently to point out that there is a perception in the “highest level of government” that it is a key tribunal in terms of economic regulation.

“Therefore it is necessary to have a person who may not necessarily be someone who has practiced securities law or presided over securities cases but who has the basic and robust approach to regulation,” he said.

He also launched a new website of the SAT on Thursday which has been created by the National Informatics Centre, and stressed on the need to devote adequate attention to the issue of technology.

With the advancements in the digital arena, there is a need to reimagine the concept of access to justice, he said.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Chief Justice of India DY Chandrachud participated in International Yoga Day celebrations with the Supreme Court registry staff yesterday and talked about four lessons yoga teaches.

Speaking at the event organized at the Supreme Court, the Chief Justice of India said “International Yoga Day is a festival, a celebration and it shows commitment at a personal and social level. The day is also for adopting an ideal lifestyle.”

NDTV accessed a note written by the Chief Justice in Hindi, listing different asanas of yoga and what values we can learn.

The CJI discussed the four lessons we can learn from yoga. ‘Sadbhavna’ (Goodwill), which brings respect for every creature on Earth. ‘Sashaktikaran’ (Empowerment) – Individually, socially and for the nation. ‘Siddhant’ (Principles) affects our lifestyle and ‘Samanvay’, which teaches us coordination between breathing and physical movement.

He also mentioned an incident that took place three days before International Yoga Day. CJI Chandrachud said, “Three days ago I was doing Surya Namaskar and suddenly sprained his back,” adding that the incident taught him that “we should always remain humble”.

The Chief Justice gave a special mention to his 90-year-old yoga teacher, Anant Limaye also known as Limaye Kaka, who retired from State Bank of India and now lives in Pune.

The Chief Justice said Physical labour and exercise are important for good health and yoga is also a path to spiritual progress.

CJI Chandrachud said he has been doing yoga for the last 26 years, which includes Aalom-Vilom, Kapalbhati, Tadasana, and Pawan Muktasana.

Earlier, in an exclusive interview to NDTV, the CJI said he wakes at 3:30 am to do yoga every day.

Prime Minister Narendra Modi led the 10th International Yoga Day celebrations at a mass yoga session in Srinagar yesterday.

Prime Minister Narendra Modi said yoga can help Jammu and Kashmir attract more tourists which will provide new livelihood opportunities to the residents.

Several leaders from across the country – from Foreign Minister S Jaishankar to Uttar Pradesh Chief Minister Yogi Adityanath – shared glimpses from their yoga sessions to commemorate the event.

New Delhi:

A Supreme Court bench led by Chief Justice of India DY Chandrachud put tough questions to the West Bengal government today while hearing its appeal against a Calcutta High Court order to cancel about 25,000 appointments by the state school service commission.

At the outset, the Chief Justice asked the Bengal government why it created supernumerary posts and hired waitlisted candidates when the selection process itself had been challenged in court.

Taking the court through the high court order, the Bengal government’s counsel, Senior Advocate Neeraj Kishan Kaul asked if such an order can be sustained. “It is not even CBI’s case that 25,000 appointments are all illegal. Everything, teacher-child ratio is gone for a toss,” he said.

Senior Advocate Jaideep Gupta, appearing for the school service commission, argued that the high court bench did not have the jurisdiction to cancel the jobs and its orders were in conflict with Supreme Court judgments in the matter. When the Chief Justice asked if OMR sheets and scanned copies of answer sheets had been destroyed, he replied in the affirmative. The Chief Justice then asked why a tender was not issued for “such a sensitive matter”.

The Chief Justice then asked it was the commission’s duty to keep digital copies of these sheets. When Mr Gupta responded that it is with the agency that the work was outsourced to, the Chief Justice asked, “Where? CBI did not find it. It is outsourced, not with you. Can there be a greater breach of security protocols? They were only hired for scanning, but you let them have the entire data. You cannot say they took it away, you are responsible for maintaining people’s data.”

The Chief Justice then asked if the commission had wrongly told RTI applicants that it had the data. “There is no data (with you) at all.” Mr Gupta replied, “That may be.” When he asked if the high court’s directions were fair, the Chief Justice replied, “But this is systemic fraud. Public jobs are extremely scarce today and are looked at for social mobility. What remains in the system if their appointments are also maligned? People will lose faith, how do you countenance this?”

Also appearing for the commission, Senior Advocate Sanjay Hegde said there is nothing in the high court judgment about irregularities on the part of the commission. “If we lose a whole chunk or generation in between, we will lose senior headmasters and examiners for the future. Lordships may bear in mind that many of them did not get any notice. When there is a headache, you do not cut off your entire head,” he said. 

The counsels also pointed out some candidates are completely untainted and their OMR sheets are seen as correct. A segregation between tainted and untainted candidates, they contended, was placed before the high court.

When the Chief Justice asked what was the basis on which a chart segregating tainted and untainted candidates was prepared, the Centre’s counsel, Senior Advocate Madhavi Divan, said the segregation is being created for the commission to save face.

Advocate Bikash Ranjan Bhattacharyya, who has been representing aggrieved job aspirants said, “OMR sheets were filed without any markings, shown as securing more marks. Discrepancy between digital and ssc data. Huge manipulation.”

“The point we wanted to identify is that was the ground to hold the process so tainted as to cancel all appointments?” the Chief Justice asked.

When Senior Advocate Dushyant Dave, appearing for some of the affected teachers, raised the rulings by former high court judge and now BJP leader Abhijit Gangopadhyay, the Chief Justice responded, “Mr Dave we are not here to scrutinise the conduct of Mr Gangopadhyay. We have been here all morning listening to nitty gritties. Please show some decorum. Okay, no stay for now, we will issue notice and keep in July. We are finding it difficult to have an orderly hearing and now there is a slinging match going on. No stay or anything. How sensitive or politically fraught the matter is, we are lawyers at the end of the day. Levelling allegations at the HC judges will not help.”

The Supreme Court had last week paused the high court order asking the CBI to investigate Bengal government officials in connection with the teacher recruitment scam. It had refused to stay the cancellation of the appointment of over 25,000 teaching and non-teaching staff.

The court had also asked if it was possible to segregate the valid and invalid appointments on the basis of the material available.

The state government has argued that the high court has cancelled the appointments “arbitrarily”.

“The high court failed to appreciate the ramification of cancelling the entire selection process, leading to straightaway termination of teaching and non-teaching staff from service with immediate effect, without giving sufficient time to the petitioner state to deal with such an exigency, rendering the education system at a standstill,” the petition says.

The high court has said in its April 22 order that the appointments are violative of Articles 14 and 16 of the Constitution. The court had observed that it had given “anxious consideration to the passionate plea” that persons who obtained the appointments legally would be prejudiced if the entire selection process was cancelled, but added that it hardly had any choice left.

In its 282-page judgment, the court had said retaining appointees selected through “such a dubious process” would be contrary to public interest.