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Stock scam: JPC to move into specifics

Our Bureau

MUMBAI, July 12

THE Joint Parliamentary Committee (JPC), having completed the general overview of the stock market scam, is expected to start its probe into the specifics, the JPC chairman, Mr Prakash Mani Tripathi, said.

``The committee now has a better picture of the whole scenario. We will now move onto gathering specific evidence and are looking at holding special interviews towards this purpose. We will call in institutions first -- UTI, RBI, SEBI -- move onto stock exchanges and then look at individuals,'' Mr Tripathi said.

The committee proposes to start the process of interviews by the second half of the monsoon session.

He also did not rule out the possibility of promoters being called to depose before the committee to gain further insight into the scam.

Terming the committee's two-day visit as educational, Mr Tripathi said committee members were of the view that standardisation of procedures, rules and regulations at the stock exchange and regulators' level would go towards ensuring better transparency.

``A standard framework will ensure that the system does not lend itself to manipulation,'' he added.

Surveillance at stock exchanges and market automation were other key areas which came under the JPC's survey. It was felt that there was a need to standardise the flow of information from stock exchanges to SEBI.

The JPC visited BSE and SEBI premises on Thursday as part of its `study tour'. The committee also heard members of the Investor Grievances Forum (IGF) and the Brokers Forum.

The JPC Chairman refused to comment on the working of either the BSE or SEBI. He did, however, highlight the members' concern over providing adequate protection to the small investor at the stock exchange level.