In Brief
Reliance Industries challenged SEBI's refusal to disclose expert opinions and investigation reports obtained during a regulatory inquiry into alleged fraudulent share allotment in 1994. The Court held that SEBI, as a quasi-judicial regulator, must disclose all documents that influenced its decision to prosecute, before the trial court takes cognizance. Expert opinions obtained from retired judges and chartered accountants are investigative materials, not privileged communications. Selective disclosure violates fair trial principles. The Court allowed the appeal and directed SEBI to furnish copies of the first and second opinions of Justice B.N. Srikrishna and the Malegam Report forthwith.
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