It has been reported that SEBI has asked one of the law firms empanelled with it for almost a decade and represented it before SAT, High Courts and the Supreme Court of India to return most briefs given to it. SEBI took the decision because the law firm defended the founders of Zee Entertainment Enterprises Limited before SAT against a recent SEBI interim order.
The article also features views of Mr. Sumit Agrawal, Managing Partner, Regstreet Law Advisors and former SEBI officer, observed that, “The decision to terminate or revoke a law firm’s briefs, if true, would raise questions about the independence and impartiality of SEBI. It is generally expected that the legal professionals should be free to take up cases and advocate for their clients, regardless of the nature of the case or the parties involved, if there is no conflict of interest. Conflict of interest is always in a specific matter or an issue and not universal; else, it does not even make economic sense for a quality law firm to represent the regulator having wide jurisdiction.”
The complete article has been attached for the readers.
Readers are also welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com.
