With reference to the article published in The Hindu, dated March 17, 2014, captioned “When the hunter turns hunted”, the Securities and Exchange Board of India (SEBI) has responded with the following statement:

The article inter alia, refers to a letter written by Dr K.M Abraham, former Whole Time Member, SEBI. The article also quotes widely from the said letter. In this regard, we would like to clarify as follows: While not commenting on the other parts of the article, our clarification is limited to the reference to the letter of Dr K M Abraham. The letter of Dr Abraham was part of the Public Interest Litigation (PIL) challenging the appointment of Chairman, SEBI filed before the Hon'ble Supreme Court of India.

The Court dismissed the PIL and also the allegations made in the letter of Dr. Abraham. While dismissing the PIL,  the Court inter alia, observed “it is manifest that the letter written by Dr Abraham was clearly motivated and espoused no public interest.” An application for impleadment filed by Dr Abraham before the Court in the above PIL was also dismissed by it. Dismissing the impleadment application, the Hon’ble Court, inter alia, observed "so far as Dr Abraham is concerned, we find that the remarks have been made only for the purpose of decision of the writ petition...."

When the highest court of the land has expressed its views it would be only in the fitness of things that the reference to the letter should have been made by mentioning all related facts and in a fair manner.

N. Hariharan, Chief General Manager, Communications Division, SEBI.

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