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JPC hearings with Sebi, SE officials from October 8

Rakesh P Sharma & Sangita Shah

The Joint Parliamentary Committee probing into the stock market scam is scheduled to hold hearings with various board members of the different stock exchanges as well as the stock market regulator the Securities and Exchange Board of India from October 8 at New Delhi, sources said.

The committee members will meet the officials of the National Stock Exchange on October 8, officials and former board members of the BSE on October 9.

JPC has also called board members of the Calcutta Stock Exchange along with its former executive director removed after the crisis in March for hearing. The officials of IndusInd Bank and ICICI Bank are scheduled to appear before the JPC on October 11.

The JPC has also called the current board members as well as members, who were on its board in last three years, to appear on October 15 and 16. This include board members of Sebi who have been transferred or have retired and also the departmental heads.

The government in April appointed a joint parliamentary committee to probe the scam. which emerged in late February. The JPC comprise of 20 members from Lok Sabha and 10 from Rajya Sabha.

JPC since then has had its rounds of hearings and is expected to submit its report to Parliament by the end of the next session.

The JPC is probing irregularities and manipulations in the stock market in all their ramifications in all transactions including insider trading, relating to shares and other financial instruments.

It is also probing into the role of banks, brokers and promoters, stock exchanges, financial institutions, corporate entities and regulatory authorities and fix responsibility of persons, institutions or authorities in these transactions.

The committee is also in the process of identifying the misuse, if any of and failures or inadequacies in the control and supervisory mechanism.

According to its terms of reference, the JPC would make recommendations for safeguards and improvements in the system to prevent recurrence of such failures and suggest measures to protect small investors. It would also suggest deterrent measures against those found guilty of violating the regulations.

The members of the JPC from Lok Sabha are: Mani Shankar Aiyar, Margaret Alva, V P Badnore, Baliram, Anant G Geete, Vijay Goel, C Kuppusami, Jagannath Mallik, Rupchand Pal, P H Pandian, Harin Pathak, Pravin Rashtrapal, S Jaipal Reddy, Akhilesh Singh, Maheshwar Singh, Prabhunath Singh, Kirit Somaiya, Kharabela Swain, Prakash Mani Tripathi and K Yerrannaidu.

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