The Bombay High Court on Tuesday stayed for four weeks a special court's order directing FIR against ex-Sebi chairperson Madhabi Puri Buch and five other officials for alleged stock market fraud and regulatory violations, noting the order was passed mechanically.
Regulatory capacity, hyperactivity and excessive prescription are the biggest challenges the financial sector is facing, said Meleveetil Damodaran, former chairperson, Securities and Exchange Board of India (Sebi). Speaking at the Business Standard BFSI Summit on Wednesday, Damodaran highlighted the need for simpler, clear, and continuous regulations in the financial sector. He opined that the industry had felt it challenging to keep pace with the changing regulations.
The eight-member committee under Sinha will also examine the factors affecting the timely and adequate availability of finance to the sector.
Replying to a PTI request for the letters under the Right to Information Act, the Prime Minister's Office cited a clause that bars disclosure of any information that 'would lead to unwarranted intrusion of the privacy of the individual'.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
An electrical engineer by education and an IAS officer of 1975 batch, Bhave engineered and administered numerous changes in Indian markets ever since taking charge as Chairman of the Securities and Exchange Board of India on February 17, 2008.
NEDICT has also got in touch with companies, which will be limited to the role of 'donors'.
The scam-hit Satyam Computer founder B Ramalinga Raju, brother Rama Raju and ex-chief financial officer Srinivas are in 'protective custody', former Securities and Exchange Board of India chief M Damodaran said in Ahmedabad on Saturday.
According to a senior CBI official, the agency has evidence to suggest the finance ministry's recommendations were overlooked while giving a licence to MCX-SX in 2008.
Case relates to alleged irregularities in '08 sanction to MCX-SX; Shah grilled in NSEL case.
Lawyers say compensation may be an uphill task for investors because of a lack of judicial precedent and broader institutional difficulties.
Likely to select from 3 shortlisted; follows Sanjeev Kaushik's refusal to take the job if made to retire from IAS
Union minister Jairam Ramesh on Tuesday attacked the Central Bureau of Investigation for initiating preliminary enquiry against ex-SEBI chairman C B Bhave and ex-member K M Abraham on the issue of granting sanction to MCX Stock Exchange, and alleged that "larger forces" were working to fix them.
Experts regretted that it has taken too long to deliver justice
Soon after the BJP lost the 2004 election, the stockmarkets went into unprecedented free fall. Then SEBI Chairman G N Bajpai reveals how his firm handling of the situation restored confidence and soon the markets were back to doing what they do best -- make money. A revealing excerpt from his book, A Game Changer's Memoir.
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