Judicial Function in SEC v. Jarkesy VS. Quasi-Judicial Function in NSDL v. SEBI: Doctrinal Parallels

This article analyses the role of the Securities and Exchange Board of India (SEBI) as a regulatory agency with a varied role of legislative, executive, and adjudicatory functions. It reviews the decision of the Supreme Court of India in National Securities Depository Ltd. v. SEBI, (2017) 5 SCC 517, whereby the Court in its judicial oversight analyses the SEBI’s legislative framework, the SEBI Act, to delineate its distinct functions conferred upon the regulator under various statutory provisions within SEBI Act. The Court’s inquiry underscores the extent to which judicial deference is warranted in the context of regulatory authority, thereby illustrating the judiciary’s active role in shaping regulatory governance. The article draws a comparative parallel with the 2024 decision of the United States Supreme Court in SEC v. Jarkesy, highlighting how core legal principles remain central to regulatory analysis, even within different legal frameworks and economic structures. Through this comparison, the article provides evidence on how judicial engagement continues to influence and redefine the contours of regulatory power through enduring legal principles.