'Can’t Do A Roving And Fishing Inquiry’: SC Asks Mahua Moitra To Amend Her Plea
Solicitor general Tushar Mehta contended that the petitioner intends to disclose everything so that something can be 'fished out' and a petition can be filed.
Published : October 14, 2025 at 9:46 PM IST
|Updated : October 14, 2025 at 9:51 PM IST
New Delhi: The Supreme Court on Tuesday queried TMC MP Mahua Moitra over her plea to mandate public disclosure of ultimate beneficial owners and portfolios of alternative investment funds, foreign portfolio investors, and their intermediaries in India.
The matter came up before a bench comprising justices BV Nagarathna and R Mahadevan. Advocate Prashant Bhushan represented the MP before the bench.
During the hearing, Bhushan contended that over Rs 1 lakh crore invested through alternative investment funds (AIFs) and foreign portfolio investors (FPIs), neither the public nor SEBI has clarity on who ultimately controls these investments. Bhushan drew the court's attention to shell companies being used to obscure ownership. He cited examples where funds were labelled under names such as "Global Opportunities Fund" while the real beneficial owner remained undisclosed.
Solicitor general Tushar Mehta contended that the petitioner intends to disclose everything so that something can be "fished out" and a petition can be filed.
The bench said that by filing a petition under Article 32 of the Constitution, a "roving and fishing" inquiry cannot be done. "You are seeking public disclosure. But what is the purpose of that disclosure? What will you do with the disclosure? Is it under the Right to Information Act? You can't have an Article 32 petition, which is like a Right to Information," the bench observed.
The bench asked Bhushan to amend the plea and challenge the reply filed by the Securities and Exchange Board of India (SEBI) in the matter. Earlier, the apex court had asked Moitra to make a detailed representation to the SEBI on the issue.
The petitioner claimed her plea sought transparency and investor awareness in India's financial markets by mandating public disclosure of ultimate beneficial owners’ details as well as portfolio holdings of AIFs and FPIs. The plea said that SEBI regulates the securities markets in India, and as part of its mandate, the board oversees the operations of AIFs and FPIs.
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