SC upholds appointment of UK Sinha as SEBI chief

The Supreme Court on Friday upheld the appointment of UK Sinha as the head of market regulator SEBI.

Upholding Sinha's appointment, the apex court bench of Justice SS Nijjar and Justice HL Gokhale said the appointment was made fairly as per procedure.

The court said this as it dismissed the petition by Arun Kumar Aggarwal.

Aggarwal challenged Sinha's appointment as Securities and Exchange Board of India (SEBI) chief contending that was vitiated due to several irregularities and was malafide.

Sinha, the PIL petitioner contended, failed to fulfill one of the eligibility conditions as laid down in Sub-section (5) of Section 4 of the SEBI Act as well as in the government communication which requires that the chairman shall be a person of high integrity.