Online edition of India's National Newspaper
Friday, Jun 06, 2008
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Online edition of India's National Newspaper Friday, Jun 06, 2008 ePaper | Mobile/PDA Version |
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Tamil Nadu
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Chennai
CHENNAI: AIADMK general secretary Jayalalithaa on Thursday asked Union Finance Minister P. Chidambaram if his Ministry would publish the complete list of Participatory Note (P-note) holders and the amount invested, on SEBI’s website. Reacting to Mr. Chidambaram’s rebuttal of her charges on the functioning of Foreign Institutional Investors (FII), Ms. Jayalalithaa raised several questions for which she demanded immediate answers. If, as the Union Ministry claimed, all information relating to FIIs and P-notes were available with SEBI, then why did it remain helpless when it found that the stock market had been manipulated, Ms. Jayalalithaa asked. She sought to know the steps (legislative or otherwise) the Ministry had taken since May 2004 to ensure that SEBI was armed with teeth to face such situations. RBI noteQuoting from a Reserve Bank of India note sent to Ashok Lahiri, Chief Economic Adviser, Department of Economic Affairs, Ministry of Finance, she pointed out that the bank had indicated that its stand was not to permit the issue of P-notes. It had also said, “Trading of these PNs will lead to multi-layering, which will make it difficult to identify the ultimate holder of PNs.” These were the points she had made too, Ms. Jayalalithaa added. What were the mechanisms and internal checks the Ministry had put in place to ensure that narco-terrorist money did not find its way into the Indian Stock Market, she asked. National Security Advisor M.K. Narayanan had also spoken of instances of terrorist outfits manipulating stock markets to raise funds for their operations, with stock exchanges in Mumbai and Chennai reporting fictitious or notional companies engaged in trading. She challenged Mr. Chidambaram to reveal the names of all foreign investors who sold stocks on January 23 and 24 aggregating to Rs.18,600 crore, leading to an unprecedented fall of the stock market and huge losses for Indian investors.
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