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Sebi calls board meet on March 15

Sidharth Shah in Bombay

D R Mehta, chairman of Securities and Exchange Board of India (Sebi) has convened a board meeting on March 15, 2001 in New Delhi to keep members abreast of the latest developments in the stock market. Dharmishtha Rawal, executive director (legal), Sebi confirmed the same.

The secretaries of the ministry of finance, law and company affairs are on Sebi board. According to sources, Mehta is expected to share the primary findings of the investigation with the Board members and also, explain the causes behind the post-Budget crisis. He is also likely to suggest solutions to avert such crisis in future.

Mehta is preparing a draft for tighter regulatory supervision and "the line of action" for the future, which will be presented before the board on Thursday.

Mehta met Finance Minister Yashwant Sinha over the weekend to discuss the current crisis in the capital market. Sebi is providing the countdown of events to the finance minister as the parliament is in session. According to sources, Sinha is likely to speak in Sebi's defense in a day or two.

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