House finance panel may question Sebi Chief in NSE Scam

A parliamentary panel on finance, headed by former minister of state for finance Jayant Sinha, has called top officials of markets regulator SEBI to inquire on regulatory issues and issues related to the NSE colocation scam.

The Finance Committee on Tuesday summoned representatives of the Securities Exchange Board of India (SEBI). Corporate affairs ministry officials said newly appointed chairman Madhabi Puri may appear before the Buch committee. “The Standing Committee has issued a notice. The panel would like to know what went wrong with the NSE case,” the official said. The new chairman is expected to attend the meeting himself and inform the panel about the development, the official said.

They will also discuss the (stock) market conditions in the context of the current Ukraine crisis and LIC IPO,” the official told ET. The panel may also question the precautionary measures taken by the exchange.

Earlier this meeting was to be held on 6th April, but now it will be held on Tuesday. The committee may also discuss regulatory issues related to initial public offerings, international financial services centers and alternative investment funds.

The Central Bureau of Investigation (CBI) is already probing an NSE scam involving several of its top executives, including former chief executives Chitra Ramakrishna and Ravi Narayan. An FIR that was registered in May 2018, comes amid fresh revelations about irregularities at the country’s largest stock exchange.

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