/2023 INSC 0140/
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Reportable  	
 
IN THE SUPREME COURT OF INDIA 
ORIGINAL CIVIL/CRIMINAL JURISDICTION  
 
Writ Petition (C) No. 162 of 2023 
 
 
 
Vishal Tiwari         …Petitioner  
 
 	
Versus  
 
 
Union of India & Ors.                     …Respondents  
 
 
 
 
With  	
 
Writ Petition (Crl) No. 39 of 2023 
 
With 
 
Writ Petition (C) No. 201 of 2023 
 
And With 
 
Writ Petition (Crl) No. 57 of 2023

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12. 	Further, SEBI shall apprise the expert committee (constituted in paragraph 
14 of this order) of the action that it has taken in furtherance of the directions of 
this Court as well as the steps that it has taken in furtherance of its ongoing 
investigation. The constitution of the expert committee does not divest SEBI of its  
powers or responsibilities in continuing with its investigation into the recent 
volatility in the securities market. 	
 	
13. In Prakash Gupta (supra), we took note of the developing nature of the 
regulations pertaining to the securities market. This Court noted that: 	
“101. Therefore, the SEBI Act and the rules, regulations and 
circulars made or issued under the legislation, are constantly 
evolving with a concerted aim to enforce order in the securities 
market and promote its healthy growth while protecting investor 
wealth.” 
 	
14. In order to protect Indian investors against volatility of the kind which has 
been witnessed in the recent past, we are of the view that it is appropriate to 
constitute an Expert Committee for the assessment of the extant regulatory 
framework and for making recommendations to strengthen it. We hereby 
constitute a committee consisting of the following members:  	
a. Mr. O P Bhatt; 
b. Justice J P Devadhar (retired) 
c. Mr. KV Kamath; 
d. Mr. Nandan Nilekani; and 
e. Mr. Somashekhar Sundaresan.

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The Expert Committee shall be headed by Justice Abhay Manohar Sapre, a 
former judge of the Supreme Court of India. 
 
15. The remit of the Committee shall be as follows:  
a. To provide an overall assessment of the situation including the relevant 
causal factors which have led to the volatility in the securities market in 
the recent past; 
b. To suggest measures to strengthen investor awareness; 
c. To investigate whether there has been regulatory failure in dealing with 
the alleged contravention of laws pertaining to the securities market in 
relation to the Adani Group or other companies; and  
d. To suggest measures to (i) strengthen the statutory and/or regulatory 
framework; and (ii) secure compliance with the existing framework for the  
protection of investors.  
16. The Chairperson of the Securities and Exchange Board of India is requested 
to ensure that all requisite information is provided to the Committee. All 
agencies of the Union Government including agencies connected with 
financial regulation, fiscal agencies and  law  enforcement  agencies  shall    
co-operate with the Committee. The Committee is at liberty to seek 
recourse to external experts in its work. 
17. The honorarium payable to the members of the Committee shall be fixed 
by the Chairperson and shall be borne by the Union Government. The

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Secretary, Ministry of Finance shall nominate a senior officer who will act as 
a nodal officer to provide logistical assistance to the Committee. All the 
expenses incurred in connection with the work of the Committee shall be 
defrayed by the Union Government.     	
18. 	The Committee is requested to furnish its report in sealed cover to this 
Court within two months. 	
 	
 
 
 
 
 
…….…………………………...............................CJI. 
                             [Dr Dhananjaya Y Chandrachud] 
 
 
 
……….…………………………...............................J. 
       [Pamidighantam Sri Narasimha] 
 
 
 
……….…………………………...............................J. 
       [J.B. Pardiwala] 
 
 
New Delhi;  
March 2, 2023