Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
July 3, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report July 3, 2001 |
Feedback
|
|
|
Sebi brass brace for scrutiny by 30-member JPCJanaki Krishnan The Securities and Exchange Board of India is readying itself for the 30-member Joint Parliamentary Committee team probing into the March market crash, which will be examining top organisational heads on July 11 and 12. The team will be examining Sebi, Reserve Bank of India, Unit Trust of India and the stock exchanges over the two- day period. Sebi chairman D R Mehta, RBI deputy governor, the chairman of UTI and the executive directors of the Bombay Stock Exchange and the National Stock Exchange will be the ones deposing before the committee members. "They will not be examining any of the lower officials," sources said. The insider trading and price rigging with respect to Global Trust Bank and UTI Bank will figure largely in the depositions, sources said, especially from the RBI angle. Over the two day period every aspect of the regulatory bodies' roles are going to be minutely examined, sources said. Surveillance lapses by exchanges, especially with respect to leakage of price sensitive information and the misuse of it, is also on the agenda. UTI is expected to come in for a lot of grilling - as Sebi has already said that apart from its schemes it is not in any way responsible for UTI's actions. This will be the first time that the JPC is shifting its area of operations to Bombay after it was constituted earlier this year. So far it had been operating entirely out of Delhi and officials had been called every now and then to the capital to depose before them. Understandably Sebi, which is the host to the delegation, is all in a bother as to where exactly it will conduct the meetings. At the moment the conference room of Sebi is expected to be the venue but sources said that it was too small to contain such a large number of people. "Apart from the 30 members of the JPC we can expect at least 10 more people as their aides to accompany them - all of them will not fit into the room," they said. It is quite possible that one of the five star hotels in the city will be ultimately made the venue. Powered by YOU MAY ALSO WANT TO READ:
|
||||
