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August 11, 2001
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Money > Business Headlines > Report August 11, 2001 |
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JPC debate on Sebi ATR may end soonBS Economy Bureau The joint parliamentary committee on stock scam is likely to complete discussions on Sebi's action taken report following the 1992 stock market irregularities before the Monsoon Session of Parliament ends on August 28. It will also have an in-house discussion on the proceedings of the JPC till date besides drawing up a schedule for the committee over the next few months. According to JPC sources, with the role of Unit Trust of India in the stock market developments also coming under the committee's ambit, the JPC proceedings will extend beyond December this year. The committee will ask for a technical briefing on UTI by senior executives of the mutual fund behemoth. UTI held several stocks, which were the favourites of broker Ketan Parekh and provided a benchmark to their prices, Sebi had pointed out in its first interim report. "This aspect of UTI will be thoroughly probed," said a JPC member. With allegations of certain members of Parliament that calls were exchanged between former UTI chairman PS Subramanyam and officials in the Prime Minister's office, JPC sources said the committee's members would take a decision on calling PMO officials to depose before the committee. The committee would also take relevant inputs from former RBI deputy governor SS Tarapore-led high level committee set up by the government to probe UTI's investments in the last 10 years, sources said. Sebi's second interim report on the stock market scam, which is likely to be finalised within a month, would also be a reference point, they added. Meanwhile, the Bahujan Samaj Party has written to the Lok Sabha speaker seeking replacement of its member Baliram in the JPC by Rashid Alvi, another party MP. The committee does not have any objections to the replacement, official JPC sources said. Powered by YOU MAY ALSO WANT TO READ:
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