Business Daily from THE HINDU group of publications
Saturday, Jun 13, 2009
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Business Daily from THE HINDU group of publications Saturday, Jun 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Financial Services Markets - Regulatory Bodies & Rulings Our Bureau Mumbai, June 12 The controversial NSDL issue is likely to be discussed by the Board of SEBI at its meeting scheduled for June 18. It may be recalled that the SEBI Board had decided to seek independent legal opinion as it was divided on whether the regulator’s independent committee had exceeded its brief in its order on the NSDL case. This order was not made public, and the Board had decided to withhold it till independent legal opinion had been sought. The issueThe independent committee had been set up to examine NSDL’s involvement in the IPO case, since Mr C. B. Bhave, the current Chairman of SEBI, had headed NSDL at that time of the IPO scam and had to recuse himself from the case. In the IPO case, some key intermediaries and market players were investigated for unfair cornering of IPO shares reserved for retail investors. Key operators had opened thousands of fictitious demat accounts, necessitating investigations into the depositories – NSDL and CDSL. Broadly, the order of the independent committee is understood to have said that NSDL had not discharged its responsibilities under the law. And, although no individual liability was fixed, it asked NSDL to order an enquiry to establish individual liability, if any. At its June 18 meeting, the SEBI Board will also consider the shortlist for Executive Director appointees. SEBI board to seek legal opinion in NSDL case SEBI may discuss panel order in IPO case of NSDL 3-member SEBI panel to oversee NSDL probe SEBI team to oversee pending proceedings with NSDL More Stories on : Financial Services | Regulatory Bodies & Rulings | IPOs | Economic Offences
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