Regulatory Justice as the Foundation for Ecological Progress: CJI

MUMBAI: Judicial and regulatory authorities must ensure that protection of economic and financial interests and ensuring financial justice within a specified time frame are as important as ensuring social and political justice, as financial and regulatory justice is the foundation of economic progress of any country and is also a key element of the rule of law, said Chief Justice of India Dhananjaya Yeshwant Chandrachud.

At the inauguration of the new office complex of the Securities Appellate Tribunal (SAT) this morning, Chandrachud said, “A legal system that provides adequate safeguards, is fair and dispenses justice without arbitrariness is an integral part of building the business and financial landscape of the country. This is one of the main reasons why the Supreme Court recently constituted a five-judge bench to examine whether an unsealed arbitration agreement can be reviewed at the Article 11 stage, and that too within a month, because in the world of finance and business, even a month is too long.”

“We need to get the message out that any deviations from the norm that have occurred in the past should be corrected as quickly and as promptly as possible so that we can contribute to establishing a stable regulatory environment in the country.”

Chandrachud, who conducts completely paperless hearings, said that virtual hearing is the right of the plaintiffs and lawyers and not a concession by the court/judges.

In this context, he praised the SAT for holding virtual hearings since the pandemic. Since the SAT has only one bench and therefore has national jurisdiction, it is all the more important for this appellate body to allow virtual participation by lawyers from all over the country. This is all the more important since it has only one bench.

Underlining the importance of rule of law, the Chief Justice said, “We often think of rule of law as social and political justice. The World Bank had theorised way back in 2005 that protection of rule of law is inextricably linked to ensuring better economic performance and financial progress.”Turning on the rising market, which crossed the 80,000 mark on Wednesday, he said that for Sebi and SAT, this also underlines the importance of timely regulation.

“The more the market indices rise, the greater the role of SEBI and SAT in protecting the rule of law,” Chandrachud said.

“Right to a virtual hearing for petitioners and lawyers”

Chandrachud, who conducts paperless hearings, said virtual hearing is a matter of right of the petitioner and lawyers and not a concession on the part of the court/judges. In this regard, he praised SAT for organising virtual hearings since the pandemic. Since SAT has only one bench and hence has national jurisdiction.