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May 14, 2001
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Money > Business Headlines > Report May 14, 2001 |
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JPC begins probe into stock market scamThe joint parliamentary committee to probe the recent stock market scam began its proceedings on Monday, holding in-depth discussions on the methodology of going about the enquiry into the whole gamut of developments leading to the multi-billion-rupee fraud. The 30-member JPC, set up by Parliament on April 26, would probe the manipulations, insider trading and the pay-order fraud that shook the stock markets in March and April, which allegedly involved prominent stockbroker Ketan Parekh among others. The committee headed by BJP Lok Sabha member from Deoria, Prakash Mani Tripathi, is to submit its report by the end of the next session of Parliament. Sources said the JPC has currently planned to hold regular hearings till Friday and then go for field surveys in Bombay, Calcutta and other places. Almost all the members attended the meeting on Monday, they said. There are 20 MPs from Lok Sabha and 10 from Rajya Sabha. It was a closed-door meeting and is said to have followed the rules of procedures of other Parliament committees. If the committee so decides, it can follow different procedures in certain matters with the concurrence of the Speaker. The committee has also been asked to fix responsibility of the persons, institutions or authorities in respect of the transactions; identify the misuse, if any, of and failures/inadequacies in the control and the supervisory mechanisms, make recommendations for safeguards and improvements in the system to prevent recurrence of such failures and to suggest deterrent measures against those found guilty of violating the regulations. The Lok Sabha members on the committee are Mani Shankar Aiyar, Margaret Alva, V P Badnore, Baliram, A G Geete, Vijay Goel, C Kuppusami, Jagannath Malik, Rupchand Pal, P H Pandian, Harin Pathak, Pravin Rashtrapal, S Jaipal Reddy, Kunwar Akhilesh Singh, Maheshwar Singh, Prabhunath Singh, Kirit Somaiya, Kharabela Swain, K Yerran Naidu and Prakash Mani Tripathi (Chairman). The members from the Rajya Sabha are Kapil Sibal, Amar Singh, Thirunavukkarasu, Ramdas Agarwal, S S Ahluwalia, Nilotpal Basu, Prem Chand Gupta, K Rahman Khan, Praful Patel and R C Ramachandraiah. UNI YOU MAY ALSO WANT TO SEE:
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