New Delhi, Oct 9 (PTI) The Supreme Court on Thursday said it would hear on October 14 TMC MP Mahua Moitra's plea to mandate public disclosure of ultimate beneficial owners and portfolios of alternative investment funds (AIFs), foreign portfolio investors and their intermediaries in India.

The plea came up for hearing before a bench of Justices B V Nagarathna and R Mahadevan.

Advocate Prashant Bhushan, appearing for Moitra, said they have filed the reply received from the Securities and Exchange Board of India (SEBI) on the detailed representation made by the petitioner on the issue.

The top court on April 1 asked Moitra to make a detailed representation to the SEBI on the issue.

Bhushan said they have also filed their response to the reply received from SEBI last month.

"You amend your writ petition," the bench said.

Bhushan, while referring to the prayer made in the plea, said the SEBI's response to the representation does not answer the problem.

He said amending the petition was not necessary as the prayer would remain the same.

Bhushan argued the SEBI has said in its response that the Prevention of Money Laundering Act (PMLA) regulations deals with the issue.

"The reply does not satisfy what we were asking for," he said.

Bhushan said the document produced along with the additional affidavit would be incorporated in the memorandum of writ petition by making an appropriate amendment application.

The bench posted the matter for hearing on October 14.

On September 26, Bhushan told the bench that Moitra had given a representation on May 23 but the SEBI's reply dated September 19 was received on September 23.

He had said the reply could be treated as virtually a response to the petition.

On April 1, while disposing of Moitra's earlier plea, the apex court said once such a representation would be made, the same be considered in accordance with law.

The top court then observed if the authorities didn't consider the representation within a reasonable time, the petitioner had legal remedies.

Moitra had said her PIL sought transparency and investor awareness in India's financial markets by mandating public disclosure of ultimate beneficial owners details as well as portfolio holdings of AIFs and FPIs.

SEBI regulates the securities markets in India, the plea had said, and as part of its mandate, the Board oversees the operations of AIFs and FPIs. PTI ABA ABA DV DV

Public disclosure of ultimate beneficial owners sought to require transparency in AIF and FPI holdings and intermediaries' portfolios. Petition requests a mandate for public disclosure of ultimate beneficial owners and portfolio holdings of alternative investment funds, foreign portfolio investors and their intermediaries to promote market transparency; petitioner filed a representation to SEBI and challenges SEBI's reply that relies on anti money laundering regulations rather than addressing the disclosure demand. The petitioner seeks incorporation of additional affidavits into the writ petition by amendment, and the court directed amendment and scheduled further hearing.