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Rediff News  All News  » Business » US regulator seeks India's nod to probe Satyam

US regulator seeks India's nod to probe Satyam

Last updated on: July 20, 2009 19:34 IST
The United States Securities and Exchange Commission, the federal agency to regulate the securities industry in that country, has sought India's permission to probe the multi-million dollar Satyam fraud case.

"A team of the United States Securities and Exchange Commission (SEC) has requested permission from the Indian government and the CBI to probe the Satyam case," CBI Director Ashwani Kumar said.

SEC, which is market regulator SEBI's counterpart in the USA, has been probing the Satyam's fraud case there. Satyam Computer is listed in the New York Stock Exchange.

The CBI director said the agency plans to launch a joint prosecution with the help of the Serious Fraud Investigation Office (SFIO), the Enforcement Directorate (ED) and the Securities and Exchange Board of India (SEBI).

Appreciating the role of investigators, especially from its Hyderabad's zone office, he said the CBI plans to come up with a joint strategy to prosecute Satyam founder B Ramalinga Raju and other accused in the case. He said he would also request for appointment of a special magistrate to facilitate speedy trial of the Satyam case.

"We are now going to come up with a joint strategy. We have requested the Andhra Pradesh government and Hyderabad High Court to appoint special magistrate to try Satyam case," the Director said.

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