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Govt to delve deep into the stock scam: Sinha

Finance Minister Yashwant Sinha on Saturday asserted that the government was committed to go to the "bottom" of the issue of price manipulations in stocks. He, however, added that any action against market regulator Sebi for slackness would be considered only after the enquiry report was submitted by mid-April.

"We are not going to deflect from our determination to go to the bottom of the whole thing. I cannot give any conclusion or opinions until we look at the report, which is expected by mid-April," He told reporters on the sidelines of a function organised by Institute for studies in Industrial Development.

About the role of regulators in the stock market turmoil, Sinha said even that would be determined only after the report was submitted.

If at all there were any charges against the regulator, Sebi, it could be only that of "slackness" on their part in taking timely action and that would come out in the report.

Referring to the issue of Madhavpura Mercantile Cooperative Bank, Sinha admitted that, "the issue has to be gone into in detail because the existence of two masters (state government and RBI) does weaken the system of supervision."

On the arrest of former chairman of Central Board of Excise and Customs B PVerma, the Sinha said the government was committed to weeding out corruption.

"The clean-up operation is a continuous process. It is our responsibility to continue it," Sinha said.

At the same time Sinha complimented the Indian Revenue Service which had some of the best and honest officials.

"What has happened is unfortunate. All those who are doing their job honestly have nothing to fear and must hold their head high," he said.

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