Within days of the government notifying an ordinance empowering the Securities and Exchange Board of India (Sebi) to seek call data records, a public interest litigation , is likely to come up for hearing before the Bombay High Court on Wednesday. The Indian Council of Investors, which has filed the PIL, has argued that the regulator cannot exercise such powers till the government amends the law or the department of telecommunications notifies Sebi as one of the authorised agencies which can seek such information from telecom service providers. An affidavit has also been filed in the Bombay High Court by Sebi's assistant legal adviser Sumit Agrawal saying that call data record is an important evidence for the regulator's investigation, especially in cases relating to insider trading and frauds.
Source : Economic Times
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