Mumbai, Sep 30 (PTI) After some recent setbacks in the Supreme Court where its orders were struck down, Sebi chief Madhabi Puri Buch on Friday said there is a need to review old laws by which the capital market regulator functions.

She said the body formed in 1992 will also review its own processes including investigations and order passing as well. The comments come after some recent cases including the Whatsapp leak case, where the Supreme Court dismissed the Sebi appeal. The Sebi Act of 1992 forms the legal basis by which the regulator works.

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“Our legislation may also need a review, because the law is written 20-25 years ago. There were no channels of communication back then like the ones today, we could not even imagine that there would be a telegram-like app,” Buch said.

The chairperson did not specify the law which would be needing an amendment.

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She said the apex court order is the law of the land, which is forcing the regulator to introspect and internalise the changes that will be required for making its regulations more effective.

Earlier this week, the apex court rejected SEBI's appeal to penalise a senior employee of a brokerage house for sharing stock-price sensitive data on WhatsApp on the grounds that the regulator went behind the secondary source of the leaked data and could not find the primary source of the message.

The capital markets regulator in 2017 searched 26 entities and investigated nearly 190 phones to check who all were forwarding results of companies before they were out in the public domain.

After passing the order, Sebi had first got a setback in the Securities Appellate Tribunal which quashed the order and suffered the same fate during its appeal in the Supreme Court as well.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)