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June 11, 2001
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Money > Business Headlines > Report June 11, 2001 |
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JPC summons CSE, BSE officials for depositionAniek Paul The Joint Parliamentary Committee has summoned top-level officials of the Bombay and Calcutta Stock Exchanges for deposition on June 13. The Securities and Exchange Board of India's interim report on the crisis having made uncomplimentary remarks on the surveillance of the two bourses, it can be assumed that the officials of the two bourses would be facing a barrage of tough questions, to say the least. Confirming the move, a senior JPC member said, "One of the key issues to be discussed with the officials of the BSE and CSE is the action taken by them based on the recommendations of the JPC that had probed the 1992 crisis. But before we meet them, we will gather more information on the crisis from various independent sources." The JPC would be inviting public deposition soon, the JPC member said, adding that the point of the exercise was to increase the reach of the probe. Commenting on the development, a top-level CSE executive set to attend the meeting, said: "We have complied with the regulations and recommendations of Sebi over the years. But we are not quite aware of any suggestions of the earlier JPC directly concerning the CSE, which we were required to implement." Officials of the two bourses seem to be headed for brainstorming sessions with the JPC. Sebi, in its interim report on the crisis, has held the surveillance of the two bourses responsible for not being able to check build-up of large positions in a handful of stocks by a set of brokers and foreign institutions. The Sebi report has been even more uncomplimentary on the CSE. The report has remarked that the CSE was irresponsible in implementing proper risk management measures, and indicates that the exchange was lenient on certain brokers, allowing them to build positions far exceeding the permissible limits. The senior JPC member said, one of the key recommendations of the earlier JPC was separation of various functions, which Sebi and the bourses do not appear to have complied with. The member indicated that Sebi officials would be asked to explain why the market regulator failed to follow the recommendation. Powered by YOU MAY ALSO WANT TO READ:
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