Search the Internet          Tips  Sites: Finance, Investment

Panel to hear stock crash evidence in August

The parliamentary panel probing the stock-market crash in March aims to start hearing evidence from bourse officials by the first week of August, a committee member said on Tuesday.

Shares were hit across the board in March after accusations of price manipulation snowballed into payment problems, pulling the benchmark Bombay index 15.6 per cent lower on the month.

"We hope to begin evidence hearings by the first week of August," S S Ahluwalia, a panel member, told Reuters.

"All our meetings (with stock exchange officials) so far have been in the form of getting to know the problem," Prakash Mani Tripathi, the panel's chairman, told a news conference.

Fourteen of the 30-member parliamentary panel visited the Calcutta Stock Exchange on Tuesday to speak to officials and investor groups about the payment crisis that also engulfed the Calcutta bourse in March.

Ahluwalia said the panel would meet officials of the Bombay and National stock exchanges as well as those of the Reserve Bank of India and market watchdog Securities and Exchange Board of India on Wednesday and Thursday.

"We plan to hand over our recommendations by the end of the monsoon session (of Parliament)," he said. The monsoon session starts on July 23 and lasts until the end of August.

ALSO READ:
The Capital Markets Crisis