Arun Kumar Agrawal vs Union Of India & Ors

The Supreme Court, while adjudicating a writ petition under Article 32, held that the appointment of Mr. U.K. Sinha as Chairman of SEBI was invalid due to non-fulfillment of eligibility criteria under Section 4(5) of the Securities and Exchange Board of India Act, 1992. The Court found that Mr. Sinha lacked the requisite integrity and professional experience as mandated by the SEBI Act and emphasized the importance of integrity in regulatory appointments. Consequently, the Court directed the removal of Mr. Sinha from the post of Chairman.