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April 26, 2001
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Money > Business Headlines > Report April 26, 2001 |
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D R Mehta may be asked to quitBS Political Bureau Sebi chairman, DR Mehta is likely to be asked to go but only after the final report of the committee enquiring into market manipulation by some brokers, is submitted, top sources in the Prime Minister's Office said. They said that the Sebi chief had himself offered to resign three weeks ago when the scam first surfaced. However, at that point Finance Minister Yashwant Sinha put the resignation on hold. "He will go, but only after May when the final report comes out" these sources said. They added that the government was convinced of Mehta's personal integrity, something the finance minister has himself testified to, in Parliament. It was his role as a regulator that they were concerned about. They said that there had been no discussion on Mehta's successor yet. They also said that the scam could not be attributed to the sharemarket alone and that the Reserve Bank could also have been vigilant in preventing it. This is the line taken by DR Mehta, who believes the scam had its origins in banks not in the share market. The finance ministry has been suggesting that Sebi be corporatised to prevent such scams in future. There is no word yet on whether the entire Sebi board will be reshuffled along with Mehta's exit. Powered by YOU MAY ALSO WANT TO READ:
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