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Somasekhar Sundaresan, leading securities lawyer who mainly practices SEBI matters, is in the race for being appointed as the Bombay High Court (HC) judge.
The Bombay HC has sent a list of 22 senior lawyers to the Supreme Court (SC) Collegium recommending that they be elevated as judges of the High Court. In the list, Sundaresan is the only counsel who has a long practice in the securities matter and hence could be a front runner to hear commercial and equities related matters in the High Court.
He is currently a lawyer for the National Stock Exchange (NSE) and has argued the Co-location scam matter for the exchange in the Securities and Appellate Tribunal (SAT). Sundaresan worked for J Sagar Associates in Mumbai and has fought many high profile corporate cases against SEBI. He was also made part of government committees including one on foreign investments in the past that suggested a road-map for routing out Participatory Notes. Sundaresan has also been a journalist between 1994 and 1998.
The Bombay HC has a strength of 94 judges and a vacancy of 25. It is likely that most of the 22 names suggested by the court are approved. After the Supreme Court approves them, the names will be sent to the Ministry of Law & Justice, which will then send them to the President of India. The process is likely to take nearly a month.
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