The Hindu : National : Action promised against guilty in stock scam

Online edition of India's National Newspaper
Friday, Jun 11, 2004

National

National

Action promised against guilty in stock scam

By Our Special Correspondent

NEW DELHI, JUNE 10. The United Progressive Alliance Government today expressed "deep grief at the manner in which the hard-earned savings of millions and millions of people of our country were wiped out in the stock market scam of 2000-01'' and said it would try to address each of the Joint Parliamentary Committee's (JPCs) recommendations and suggestions. Action would be taken against those who were found guilty, the Government said and promised that the remaining recommendations of the JPC would be expeditiously acted upon.

The new Government got an occasion to comment on the stock market scam in the second progress report of the action taken which was presented to Parliament today. The progress report confirms action had been taken on another 36 recommendations. With this, the number of pending recommendations on which action remains to be taken is 90.

The Government said today that it proposed to carry out the necessary legislative changes as recommended by the JPC. Amendments are proposed in the Securities Contract (Regulations) Act to ensure demutualization and corporatisation of stock exchanges and to the Banking Regulation Act to provide for, among other things, a strong regulation over Urban Cooperative Banks.

As the bills introduced earlier have lapsed, they would be introduced afresh after incorporating changes to make the amendments more effective. Other legislations like the Companies Law (Amendment) Bill and Government Securities Bill are also under consideration.

Printer friendly page
Send this article to Friends by E-Mail

National