Hindi English Translation || Editorial || Role and remit: On SC appointing panel to probe Adani case

Role and remit: On SC appointing panel to probe Adani case

Questions arise over Supreme Court-appointed panel’s remit in Adani case

It is difficult to welcome unequivocally (स्पष्ट रूप से) the Supreme Court order forming a committee to look into (examine, investigate, scrutinize, review) possible regulatory (नियामक) failure in dealing with the allegations (आरोप, अभियोग) that the Adani Group companies flouted (disregard, dismiss, disrespect, go against, defy, violate, break) norms (standard, convention, regulation) in the securities (प्रतिभूति) market. The Court has done well to make it clear that the committee’s constitution (संविधान) will not divest the Securities and Exchange Board of India (SEBI) (It was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. It is the regulator of the securities and commodity market in India owned by the Government of India) of its powers and responsibilities in continuing with its probe. In addition (इसके अलावा), it has said SEBI should also investigate the charge that the companies failed to maintain the minimum public shareholding or disclose transactions involving related parties. To the extent that (इस हद तक कि) it holds (regard someone in a specified way; believe, think, feel, consider) the regulator to its claim (दावा, पुष्टि) that it is already seized of the matter, as well as expands its remit to address squarely (वर्गाकार) the allegation that funds controlled by related parties were used to manipulate (use, employ, utilize, use to one’s advantage, manoeuvre, engineer (cleverly)) stock prices, the order is quite (काफी हद तक, अत्यन्त) welcome. However, a relevant question is whether a committee headed by a former Supreme Court judge is needed at all (in any way; to any extent (used for emphasis)). SEBI has been asked to share its findings (निष्कर्ष, जाँच - परिणाम) with the panel (board, committee, advisory body, council), but it is doubtful if the committee can avoid going into the charges on its own before it can confirm or rule out (prevent, exclude, eliminate, dismiss, reject) regulatory failure. The cause may have been better served (सेवा करना) if the Court had chosen to monitor SEBI’s inquiry by seeking (ask for, request, demand) progress reports. And it may have taken the help of experts, if necessary, to assess the final outcome. The other aspect of the panel’s work — suggesting measures (action, step, procedure) to strengthen the regulatory framework (ढांचा, संरचना) — could have been left to the legislature (विधान मंडल). Also, that the Court has asked for the panel’s report in a sealed cover is disappointing. The fate of similar committees, the one on Pegasus, for instance (उदाहरण के लिए), does not inspire confidence about the outcome.

The order also asks the committee to ascertain (work out, determine, decide, find out, understand, recognize) the causal factors that led to volatility (unpredictability, instability, unreliability) in the market. The severe losses suffered (experience, undergo, receive, encounter, endure, be subjected to) by retail investors following the Hindenburg revelations (disclosure, declaration, report, news, announcement) should not become a red herring to divert attention (observation, concentration, curiosity, heedfulness, consideration, scrutiny) from the conduct (management, regulation, running, managing, controlling) of the companies. Investor protection is one of SEBI’s functions, but it is equally true that no measure can be a guarantee against market forces reacting sensitively (cautiously) to developments (turn of events, occurrence, circumstance, situation). There is an inherent (integral, built-in, essential, fundamental, characteristic) and perpetual (everlasting, constant, continuous, unending, unceasing, permanent, nonstop, incessant; recurrent, repeated (frequently), chronic, unabating) risk in stock market investments, and it is addressed from a regulatory viewpoint (way of thinking, point of view, perspective, standpoint) by various means (method, manner, measure, way) — prescribing norms and mandating (make necessary, order, instruct, direct, command) disclosures (report, declaration, announcement; In the financial world, disclosure refers to the timely release of all information about a company that may influence an investor’s decision) to setting upper and lower limits on daily price movement. It may be expedient for the Adani Group — and the government, which also wants this controversy to blow over soon — to highlight (underline, underscore, emphasize) investor losses so that a quick exoneration (vindication, acquittal, discharge) is ensured by putting the blame on an alleged plot (conspiracy, intrigue, stratagem, machination) against the country and its corporate champions (advocate, proponent, supporter, backer, promoter, patron) by an inimical short-seller (In SEBI’s words, short selling is the selling of a stock that the seller does not own at the time of trade. Short seller is a person who sells a stock that he/she doesn’t own); but the Court’s focus should be on SEBI’s conduct and independent (impartial, unbiased, non-partisan, fair-minded, neutral) functioning, preserving (protect, defend, maintain, taken care of) which alone can protect investors from market manipulators.

Courtesy: The Hindu

Important Word List With Meaning

1.unequivocally (adverb)

Hindi Meaning - स्पष्ट रूप से
English Meaning - clearly, explicitly, understandably.

2.allegation (noun)

Hindi Meaning - आरोप, अभियोग
English Meaning - charge, accusation, indictment.

3.securities (noun)

Hindi Meaning - प्रतिभूति
English Meaning - investments, shares, holdings, equities, bonds; securities (shares) of a company formally admitted to the trading platform of the (Stock) Exchange.

4.constitution (noun)

Hindi Meaning - संविधान
English Meaning - body of law; system of rules; regulations, fundamental principles, charter.

5.in addition (phrase)

Hindi Meaning - इसके अलावा
English Meaning - additionally, as well, apart from, besides.

6.to the extent that (phrase)

Hindi Meaning - इस हद तक कि
English Meaning - as far as.

7.regulator (noun)

Hindi Meaning - नियामक
English Meaning - an association/statutory body that supervises a particular business activity.

8.claim (noun)

Hindi Meaning - दावा, पुष्टि
English Meaning - assertion, affirmation, declaration.

9.squarely (adverb)

Hindi Meaning - वर्गाकार
English Meaning - precisely, exactly, just, directly.

10.quite (adjective)

Hindi Meaning - काफी हद तक, अत्यन्त
English Meaning - somewhat, relatively, comparatively.

11.findings (noun)

Hindi Meaning - निष्कर्ष, जाँच - परिणाम
English Meaning - conclusion arrived at (as a result of an inquiry).

12.serve (verb)

Hindi Meaning - सेवा करना
English Meaning - perform, do, discharge.

13.framework (noun)

Hindi Meaning - ढांचा, संरचना
English Meaning - structure, system, organization.

14.legislature (noun)

Hindi Meaning - विधान मंडल
English Meaning - law-making body or governing body; parliament, congress, council, assembly.

15.for instance (phrase)

Hindi Meaning - उदाहरण के लिए
English Meaning - as an example.
 

16.remit (noun)

English Meaning - area of responsibility, area of activity, scope, ambit.

17.panel (noun)

English Meaning - board, committee, advisory body, council.

18.look into (phrasal verb)

English Meaning - examine, investigate, scrutinize, review.

19.flout (verb)

English Meaning - disregard, dismiss, disrespect, go against, defy, violate, break.

20.norm (noun)

English Meaning - standard, convention, regulation.

21.make clear (phrase)

English Meaning - explain, clarify, elucidate.

22.Securities and Exchange Board of India (SEBI) (noun)

English Meaning - It was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. It is the regulator of the securities and commodity market in India owned by the Government of India.

23.public shareholding (noun)

English Meaning - “public shareholding” means equity shares of the company held by public. According to the rule, companies are required to have a public shareholding of at least 25% within three years of being listed.

24.hold (verb)

English Meaning - regard someone in a specified way; believe, think, feel, consider.

25.seize of (phrasal verb)

English Meaning - be aware of something (or) be informed of something.

26.address (verb)

English Meaning - tackle, deal with, attend to, try to sort out.

27.manipulate (verb)

English Meaning - use, employ, utilize, use to one’s advantage, manoeuvre, engineer (cleverly).

28.at all (phrase)

English Meaning - in any way; to any extent (used for emphasis).

29.go into (phrasal verb)

English Meaning - investigate, examine, look into, probe, analyse.

30.on one’s own (phrase)

English Meaning - alone, unaided, all by oneself.

31.rule out (phrasal verb)

English Meaning - prevent, exclude, eliminate, dismiss, reject.

32.seek (verb)

English Meaning - ask for, request, demand.

33.measure (noun)

English Meaning - action, step, procedure.

34.regulatory (adjective)

English Meaning - governmental, executive, supervisory, managerial.

35.regulatory framework (noun)

English Meaning - legal mechanisms that exist on national and international levels.

36.ask for (phrasal verb)

English Meaning - request, demand.

37.Pegasus (noun)

English Meaning - spyware, that can hack any iOS or Android device and steal a variety of data from the infected device, developed by the Israeli cyber-arms firm, NSO Group.

38.ascertain (verb)

English Meaning - work out, determine, decide, find out, understand, recognize.

39.led past participle of lead to (verb)

English Meaning - result in, cause, bring on, bring about, give rise to.

40.volatility (noun)

English Meaning - unpredictability, instability, unreliability.

41.suffer (verb)

English Meaning - experience, undergo, receive, encounter, endure, be subjected to.

42.Hindenburg Research LLC (noun)

English Meaning - it is an investment research firm with a focus on activist short-selling founded by Nathan Anderson in 2017 and based in New York City.

43.short selling (noun)

English Meaning - In SEBI’s words, short selling is the selling of a stock that the seller does not own at the time of trade. Short seller is a person who sells a stock that he/she doesn’t own.

44.revelation (noun)

English Meaning - disclosure, declaration, report, news, announcement.

45.red herring (noun)

English Meaning - misleading or distracting clue/information/argument; something that misleads or distracts from a main topic/subject/issue; bluff, trick, deception, smokescreen.

46.attention (noun)

English Meaning - observation, concentration, curiosity, heedfulness, consideration, scrutiny.

47.conduct (noun)

English Meaning - management, regulation, running, managing, controlling.

48.sensitively (adverb)

English Meaning - cautiously.

49.development (noun)

English Meaning - turn of events, occurrence, circumstance, situation.

50.inherent (adjective)

English Meaning - integral, built-in, essential, fundamental, characteristic.

51.perpetual (adjective)

English Meaning - everlasting, constant, continuous, unending, unceasing, permanent, nonstop, incessant; recurrent, repeated (frequently), chronic, unabating.

52.stock market (noun)

English Meaning - a place where shares of pubic listed companies are traded; share market, equity market.

53.viewpoint (noun)

English Meaning - way of thinking, point of view, perspective, standpoint.

54.means (noun)

English Meaning - method, manner, measure, way.

55.prescribe (verb)

English Meaning - stipulate, lay down, determine, establish, formulate.

56.mandate (verb)

English Meaning - make necessary, order, instruct, direct, command.

57.disclosure (noun)

English Meaning - report, declaration, announcement; In the financial world, disclosure refers to the timely release of all information about a company that may influence an investor’s decision.

58.expedient (noun)

English Meaning - tactical/strategic; advantageous, beneficial.

59.blow over (phrasal verb)

English Meaning - abate, fade away, disappear, subside, settle down, lessen, diminish.

60.highlight (verb)

English Meaning - underline, underscore, emphasize.

61.exoneration (noun)

English Meaning - vindication, acquittal, discharge.

62.put the blame on (phrase)

English Meaning - to blame someone/something (for something).

63.alleged (adjective)

English Meaning - supposed, so-called, claimed, professed, reported, ostensible.

64.plot (noun)

English Meaning - conspiracy, intrigue, stratagem, machination.

65.champion (noun)

English Meaning - advocate, proponent, supporter, backer, promoter, patron.

66.inimical (adjective)

English Meaning - hostile, opposed, averse, antagonistic, ill-disposed, unsympathetic.

67.short-seller (noun)

English Meaning - a person who sells a stock that he/she doesn’t own.

68.independent (adjective)

English Meaning - impartial, unbiased, non-partisan, fair-minded, neutral.

69.preserve (verb)

English Meaning - protect, defend, maintain, taken care of.

70.market manipulation (noun)

English Meaning - an intentional effort to deceive and defraud investors by artificially affecting the supply or demand for a security (tradable financial asset) and driving its price up or down. Those who orchestrate artificial price movements then profit from them at the expense of other investors. It involves the literal manipulation of a financial market for personal gain.