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Govt not opposed to JPC on stock market scam: Sinha

The government has no objection in setting up a Joint Parliamentary probe into the recent stock market crisis, Finance Minister Yashwant Sinha told the Rajya Sabha on Tuesday.

"As far as JPC is concerned, the government would have no objection, if Parliament so decides," Sinha said answering supplementaries during Question Hour.

"I think Parliament will have to decide as to how many JPCs we want," he said referring to the Opposition demand for JPC on several issues including Tehelka expose.

Sinha refuted charges that there was any delay by Income Tax department in conducting raids in the premises of chairman of Central Board of Excise and Customs B P Verma and senior customs officials, saying: "Income Tax department has to do very solid preparation before conducting searches."

"There was no dereliction of duty, no delay and no loss of time," he asserted.

The finance minister said that the government has already decided to introduce rolling settlement in all the stock exchanges from July two and providing more teeth to market regulator by amending the Sebi Act.

He said that the government would soon come out with an action taken report on Sebi's findings in the preliminary investigations into the pay-order scam in the stock market.

He said the scam would, however, not affect foreign investments as the crisis was temporary.

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