|
||
|
||
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Women Partner Channels: Auctions | Health | Home & Decor | IT Education | Jobs | Matrimonial | Travel |
||
|
||
Home >
Money > PTI > Report December 6, 2001 |
Feedback
|
|
OCBs may have misused lax Mauritian investment policiesMauritius on Thursday said that its investment regime may have been misused by the overseas corporate bodies to manipulate share prices in Indian stock markets and promised stern action against such entities if their involvement is established. "There have been gaps in our regulations due to lack of knowledge. But now, a strict regime has been put in place to avoid recurrence of such misuse in the future," Mauritian Minister for Financial Services and Economic Development, Sushil Khushiram, told reporters in Bombay on Thursday. Faced with criticism of being used as tax haven and conduit for money laundering, Mauritius has tightened its financial sector regulations to check misuse of its investment polices. Khushiram said the Securities and Exchange Board of India had apprised him about the role of Mauritius-registered OCBs, in repatriating over Rs 30 billion from Indian stock markets, in league with foreign investment institutions. The Financial Services Commission, SEBI's Mauritian counterpart, would exchange information on such matters with SEBI and the Reserve Bank of India on a regular basis to check such misuse. However, any action against the OCBs would be initiated after their role in misusing legal provisions was established, he said. A SEBI interim report on the securities scam, has found that five OCBs, registered in Mauritius, had colluded with the FIIs and Ketan Parekh to repatriate over Rs 30 billion in the last two years from the Indian stock market. ALSO READ:
|
ADVERTISEMENT |