There are enough powers vested in it under the SEBI Act for this purpose. Illustratively this would include Sections 11 and 11-B of the SEBI Act. The SEBI Act expects SEBI to act as an institution accountable to the investor public and be both accessible and responsive to complaints. SEBI can write to the Central Government, if so required, to exercise its powers under Section 247 of the Companies Act to carry out investigations.
In the instant case, the transfer of shares to and by the concerned entities on the same day, which has the effect of relieving the DLF LTD. of any connection with SEPL, is a matter that requires investigation. Accordingly, SEBI directed to undertake an investigation into the complaints made.
