The Sebi board, which met on Monday, however accepted the recommendations of a committee that had G Mohan Gopal, director of National Judicial Academy in Bhopal, and the then RBI deputy governor, V Leeladhar, in a third case where no adverse remarks had been made on Sebi's role.
In a breakthrough in the probe into the Rs 595-crore (Rs 5.95 billion) scam that shook the capital market, the Central Bureau of Investigation arrested the director of DSQ software company Dinesh Dalmia in New Delhi.
Chennai-based DSQ Software may earn the dubious distinction of becoming the first company to be referred to the newly-created Serious Frauds Investigation Office for its role in the securities scam, sources said on Tuesday.
Each scam that comes out in the open shows the regulators to be miles behind.
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