The Supreme Court issued notices on a petition filed by stock market regulator SEBI seeking transfer of the two PILs filed in Bombay and Allahabad High Court to a High Court or to the Supreme Court.
The Securities and Exchange Board of India (SEBI) had banned 14 insurance companies from stock exchange for violating its rules.
A bench comprising Justices S H Kapadia and Swatanter Kumar issued the notices after hearing the counsel for SEBI who contended that all petitions related to ULIP insurance shares should be transferred to a single high court since the issue involved in these petitions was the same and can be decided by a single bench.
Filing of petitions in various high courts would only create problems for SEBI, the counsel added.
The apex court issued notices to Rajendra Thakkar and 14 insurance companies involved in trading of ULIP related insurance shares.
The ban imposed by SEBI was, however, lifted by a superior forum.