Delhi high court this Friday slammed a 19-year-old petitioner on questioning SEBI on approving IPO’s. The petition was filed by one Ketan Kumar through Advocate days after Paytm IPO debacle.
The petitioner was slammed for alleging that the Securities and Exchange Board of India is approving a number of IPO’s without proper scrutiny. The bench also noted that the petitioner had approached the court without any proper representation before the concerned Department or Authority.
The bench of Chief Justice DN Patel and Justice Jyoti Singh remarked “ We want to cross-examine this boy. If we ask you one question Mr. counsel, you’ll not be able to answer” The petitioner was merely aged around 19 years and there was almost no likelihood of his understanding the number of complexities of the securities Market.
It was observed that the petition has been filed with vested interest and even the counsel also may not be aware of these complexities in Securities Board. The court further stated – “ we’ll put one query to you and you’ll say “mujhey Kuch Nhi pta” “
Court also queried the council on some basic concepts of the securities market such as how IPOs have declared “ kitney type k share hote hain btaiye? This is a very simple question and that is why we don’t ask questions to maintain the dignity of Advocates”
Court also directed the Counsel not to get involved in such kinds of Petitions which can heavily cost them. It was also observed during the court that similar kinds of petitions has filed before in the court.