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JPC to question RBI, UTI and MMCB

The Joint Parliamentary Committee, probing the multi-billion stock scam, will grill Reserve Bank of India, Unit Trust of India and Madhavpura Mercantile Co-operative Bank in the second week of July for their role in the scam.

Announcing this, JPC chairman Prakash Mani Tripathi told reporters that on July 11 RBI and Madhavpura Bank would be examined on July 11, and UTI from July 12-13.

JPC, which resumed its work on Monday after a ten-day break, heard deposition from Business Standard editor T N Ninan, who felt that the scam involved an amount of Rs 50 to Rs 60 billion and the market regulator, Sebi, could have understood the phenomenon much earlier, particularly the bullrun in the stock markets.

Tripathi also said both Ninan and journalist Sucheta Dalal in their depositions maintained there were too many stock exchanges in the country and this aspect needed to be looked into to prevent such scams.

Calcutta Stock Exchange officials including its executive director Tapas Dutta, general manager Gautham Bhattacharya and secretary P K Roy will depose before the JPC on Tuesday.

The JPC, which will meet on June 27 and 28 as well, will resume its work on July 10 when it would examine Sebi's role in the Action Taken Report on the recommendations of the previous JPC (1992 multi-billion securities scam).

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