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JPC for ID card for brokerage firms

The Joint Parliament Committee inquiring into the stock scam and the temporary freeze on Unit Trust of India's flagship scheme US-64 favoured fool-proof identity cards for brokers, sub-brokers and brokerage firms to verify their genuineness for preventing stock scam like situations.

"It is desirable to have identity cards for brokers and brokerage firms so that scamsters are not ahead of regulators", JPC chairman Prakash Mani Tripathi told reporters on Thursday.

Tripathi said talks have been going on with the Securities and Exchange Board of India for such a card "but the JPC would like to have a high standard card keeping pace with modernisation and liberalisation".

The JPC in Thursday's hearing also pulled up the SEBI for the slow progress it has made regarding the reports of certain companies.

Tripathi said only the reports of DSQ securities, Shonkh Technology and Padmini have been received and JPC has given SEBI 15 days to ensure that other companies pointed out by it also submit their reports.

"Their investigation has been very slow and this is hampering the work of the committee. The JPC is keen to find out the role of the corporate house in the scam. We have not been able to get detailed report or final report of many of the companies", Tripathi said.

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