28 October, 2020

'Don't Point Fingers At Us'

SEBI chairman Devendra R. Mehta, in an interview to Outlook, admits he's under pressure from all quarters and wants sweeping powers to prevent a recurrence of operator-driven volatility. Excerpts:

'Don't Point Fingers At Us'
On why sebi isn't probing Ketan Parekh:We don't go by individuals just like that. We need proof. The probe's begun and you'll see results by March-end. Licences of operators found guilty of rigging the markets to artificially depress prices will be cancelled. We are already probing First Global Securities and Credit Suisse First Boston. We are probing entities like Ajay Kayan, Nirmal Bang and R.S. Damani. Rathi has gone and many more could be on their way out. You won't see any discrimination.

On KP's track record: He is an accused in the Canbank Mutual Fund case and the hearing is on. sebi can't stop people accused of committing a crime from raising money from the markets. How can we do that? It is for investors to decide whether they want to invest in a firm promoted by such people. All we can do is tell the issuer to provide full details about the promoters.

On sebi's own investigations: I can't give specific details. But we have taken up 58 cases in January alone this year which shows it's an alarming situation. For example, we picked up about...


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