Rediff Logo
Money
Line
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women
Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
Line
Home > Money > Business Headlines > Report
May 18, 2001
Feedback  
  Money Matters

 -  Business Special
 -  Business Headlines
 -  Corporate Headlines
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      



 
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page

Sebi report skirts Rathi

Savio G Pinto & Janaki Krishnan

The interim investigation report of the Securities & Exchange Board of India, presented to the members of the joint parliamentary committee, has no mention of Anand Rathi beyond a reference that the probe (on him) is being dealt with separately.

Anand Rathi, the former Bombay Stock Exchange president, resigned from the exchange, while his firms were barred from trading following taped conversations which indicted him of seeking price-sensitive information from the exchange's surveillance department and allegedly using the information to his own interests.

Sebi officials said though the events were inter-linked, the market watchdog prefers to treat it separately. "We have mentioned it in the interim report that a separate investigation is being pursued and another report will be furnished on it," sources said.

So far Sebi has made only a passing mention of him in the interim report. This is significant as the market crash in March and the events that led to the plunge thereafter form the main theme of the report.

The Bombay High Court division bench earlier this month dismissed a petition filed by Rathi (against the ban) saying that the order in no way violated the principles of natural justice and Sebi was within its rights in taking the decision.

Industry watchers said that though Rathi had violated the exchange's rules and regulations, the fact remained that Sebi has so far not been able to prove that he did use the information he got to manipulate the market.

Powered by

YOU MAY ALSO WANT TO READ:
The Capital Markets Crisis
The Rediff-Business Standard Special
The Budget 2001-2002 Special
Money
Business News

Tell us what you think of this report