SEBI chief likely to be questioned in NSE scam by Parl commission

SEBI Chairman Madabe Puri Boch will submit his resignation to Parliament’s Standing Committee on Finance on Tuesday over capital market regulatory issues and is expected to be questioned over the recent NSE scam, sources said on Sunday.

The panel chaired by former Minister of State for Finance Jayant Sinha Buch called for deliberation on regulatory issues related to initial public offerings, international financial services centers and alternative investment fund, according to a notification issued by the Lok Sabha secretariat.

Sources in the commission said the members will also question the chief of SEBI over the recent National Stock Exchange (NSE) scam in which several of its top officials including former CEOs Chitra Ramakrishna and Ravi Narain are being investigated.

When contacted with Sinha, he said the parliamentary committee had summoned Boch to deliberate on the orderly performance of the market in light of recent volatility and turbulent cash flows.

The sources said the panel, whose members include former Prime Minister Manmohan Singh, ex-Bihar Finance Minister Sushil Modi and several lawyers and politicians, among others, will question the SEBI chief over the recent NSE scam.

The committee recently won the Best Parliamentary Committee Award.

This will be the second meeting of SEBI officials with the Parliamentary Committee in the past week. They also appeared before the commission on 30 March.

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

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