TaxTMI 
TaxTMI 
2025 (9) TMI 1719
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.... Ms. Nidhi Faganiya, Advocates, i/b Vidhi Partners, for respondent No. 1-SEBI. Mr. Niket Mehta, Advocate, i/b Cyril Amarchand Mangaldas, for respondent No. 2-AMFI. PER, GAUTAM A. ANKHAD, J. The petitioner has filed the present Public Interest Litigation under Article 226 of the Constitution of India, seeking a writ directing the respondent No. 1-Securities and Exchange Board of India (SEBI) to revoke the liberty granted to the respondent No. 2-Association of Mutual Funds in India (AMFI) for carrying out investor education and awareness initiatives / programs. The main grievance of the petitioner is that the respondent No. 2 should be restrained from continuing its advertisement campaigns titled "Mutual Funds Sahi Hai", "Mutual Fund....
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....c Interest Litigation No. 26 of 2025 raising similar issues, which was dismissed by this Court on 17th April 2025 and the Special Leave Petition (No. 13341 of 2025) arising therefrom was dismissed by the Hon'ble Supreme Court on 14th July 2025. In view of the above, he submits that the present petition ought to be dismissed at the threshold. 4. We have heard the petitioner in-person, learned counsels for the parties as well as the learned amicus curiae, Mr. Abhishek Venkatraman. We have perused the record and find no merit in this petition. Amongst other things, in a PIL, the Court is required to be satisfied about (a) the credentials of the petitioner / applicant; (b) the prima facie correctness or nature of information given by him; an....
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..... 2. The impugned advertisement campaigns neither disclose any statutory breach nor establish any infraction of the regulatory regime that affects the general public at large. One of the purpose of a Public Interest Litigation is to protect the interests of general public who cannot approach the Court themselves. The petitioner has not placed on record any data to substantiate his claim of how the investors are being misled and in what number by such advertisements. There is no incapacity that is shown here. The petitioner's best evidence is certain advertisements sourced from the internet. There is no data from government or reliable sources which would otherwise show the gravity and seriousness involved. In these circumstances, the lack o....
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....d a legal injury can always seek remedies for redressal of grievance. We are not inclined to entertain the present Public Interest Litigation at the instance of the present Petitioner. 4. Keeping the issue involved in the present Petition open, the Public Interest Litigation is rejected." 8. Aggrieved by the dismissal, the petitioner filed a petition for Special Leave to Appeal bearing No. 13341 of 2025 before the Hon'ble Supreme Court wherein the petitioner agitated the following question of law :- "G. Given that the same petitioner herein had earlier filed another identical petition viz. PIL No. 84 of 2024 involving the same parties and raising substantially the same issues and contentions concerning objectionable adv....