Regulations
The stink coming from SEBI-I

A hard-hitting confidential letter from UK Sinha, SEBI chairman, once more proves the seamy underbelly of the regulator under former chief CB Bhave. Moneylife alone has been reporting about this seamy side for two years now

Barely four months into his job, UK Sinha was delivered a blow that could have given us a second consecutive lame-duck chairman at the Securities and Exchange Board of India (SEBI). In a bizarre move, Dr KM Abraham, the highly controversial former Whole Time Director at SEBI wrote a letter to the Prime Minister accusing the Income-Tax Department of harassing him, over the purchase of an apartment in Mumbai (we will come to the details later). He also accused Finance Ministry officials of interference in his work-"with the knowledge of Finance Minister Pranab Mukherjee". And now, it turns out, that his sharpest and most specific allegations were reserved for UK Sinha, his new boss, for interfering in several high-profile cases! Was the last move a deliberate and well-planned strategy by some interested sections to maim Mr Sinha from the very start?

Mr Sinha has reacted with an equally hard-hitting letter, which Moneylife has reviewed. The letter exposes several of the murky goings-on during the past three years under CB Bhave, whose ally in the process were two key members of SEBI. Remember, during that period, Mr Bhave has always positioned himself as a champion of the small investor and a crusader against corporate malpractices. Moneylife alone has been reporting with persistence the real murky practices inside SEBI.

Curiously, only select parts of the Sinha letters have been released to the media so far, although the reporters claim to have perused them. Moneylife now has access to UK Sinha's 13-page letter but not the one written by Dr KM Abraham to the Prime Minister. However, the allegations that Dr Abraham makes are clear from the SEBI Chairman's response.

The first six pages of Mr Sinha's letter are a long account of how he works, the effort he has made to understand SEBI's functioning and the fact that he consults executives at all levels and seeks formal briefing notes before making important decisions or meeting people. He then proceeds to address specific allegations made by Dr Abraham about Sinha's interference in several high-profile cases. One, the SEBI board's decision to declare three orders by a two-member bench against the National Securities Depository Limited (NSDL) as non-est or void. Two, the order against the Sahara group's debentures and Reliance Industries' attempt to file consent proceedings. Three, the rejection of MCX-SX's application to set up a stock exchange. Four, the Bank of Rajasthan case and finally, refusing to give Dr Abraham a job in Mumbai as director of the National Institute of Securities Markets (NISM) by bending the rules.

The letter is probably the first recorded case where wild and sweeping allegations would have been made against a new SEBI chairman in less than three months of taking charge. It is all the more surprising, since Dr Abraham, an IAS officer (like UK Sinha) from the Kerala cadre and a doctorate from the University of Michigan, didn't quite set the capital market ablaze with path-breaking moves or regulatory orders during his three-year tenure.

Instead, he was seen as a zealous yes-man of the former chairman. So, what are his motives? In fact, his allegations suggest a desperate attempt to prevent a reversal of two crucial orders involving NSDL and MCX-SX while the remaining issues are only to provide the appearance of a broader problem. Newspaper Mint claims that the Central Vigilance Commission (CVC) now plans to probe Dr Abraham's letter. This will give an interesting twist to the SEBI saga, because if CVC looks at SEBI, it will hit a goldmine of favoured and twisted decisions that stink. For starters, it can check about how punishments and penalties were decided in the past three years and then compare it to Mr Sinha's four-month stint. To come back to Mr Sinha's replies to Dr Abraham's allegations, here are some facts he points out in his letter.

MCX-SX case: This case is before the Bombay High Court after Dr Abraham rejected MCX-SX's stock exchange application under the "fit and proper" person criteria. Mr Sinha's letter points out that in this case, MCX-SX has alleged under oath "bias in the mind of Dr Abraham" and also complained about him to the CVC. (Indeed, apartments acquired by SEBI Members, Dr Abraham and MS Sahoo, in the very same Kohinoor City Complex in which the National Stock Exchange acquired 80,000 sq feet of space and flats for senior executives has been reported to the CVC. UK Sinha had given the two Members a clean-chit in this regard). According to Mr Sinha's letter, Dr Abraham apparently alleged that SEBI's position has been "compromised in this matter". His main grouse seems to be that the Chairman asked to see the affidavit that was filed in court. Mr Sinha calls the allegation "completely misconceived, false and not borne out by facts". Indeed, recent developments in the case, do suggest that SEBI strongly backs its order against MCX-SX. But that is probably what Dr Abraham's letter intended to achieve.

NSDL case: According to Mr Sinha, Dr Abraham pushed hard to ensure that SEBI does not reverse its stand in the NSDL matter, where two orders of a board bench were declared non-est or void. Mr Sinha says, Dr Abraham was unhappy about it. "My advice to him was that in the face of strong direction from the Hon'ble Supreme Court and the advice received from the SEBI Counsel, it would not be in SEBI's interest or in public interest to do so".

Sahara: In this case, the allegation is that Mr Sinha "discouraged" Dr Abraham from issuing a public notice about the fact that the stay on SEBI's order was vacated by the Lucknow bench of the Allahabad High Court. Mr Sinha dismisses it as a "figment of imagination" and clearly, there is no public perception about any softening of SEBI's stand.

Reliance Industries/ADAG case: Dr Abraham seems upset that Mr Sinha took interest in this case and discussed "the background of how and in what manner the settlement amount (of Rs50 crore in the Anil Dhirubhai Ambani Group case) was arrived at. He points out that the file had remained with Dr Abraham and no decision was taken on the matter until he demitted office.

Bank of Rajasthan: This pertains to the listing of Bank of Rajasthan shares after a lawsuit by ICICI Bank was withdrawn. It is not clear how Sinha is alleged to have tried to influence this decision. Mr Sinha encloses a note by Dr Abraham to establish that permission to list was in fact granted by the Member himself.

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COMMENTS

GANESH

5 years ago

WHY ENTITIES LIKE NSDL, SEBI ARE NOT COMING UNDER RTI ACT

MM Sundram

5 years ago

i am more concerned on the SEBI's role, Ms.Sucheta, since i have taken several cases against the NSDL/Brokerage/NSE [nexus] matters with the sebi for the salvations which now seems to be awry & bleak. but your work in digging this, sebi's role and its top officials, just gone, is very much encouraging and please do write more about this whole mess,

i am eagerly watching your media for this wrongdoings within SEBI. And also please write more about the nse's role in this episode vividly because lot of investors lost their monies.

Pradeep

5 years ago

Good job sucheta, I love the magazine. Thanks for taking on this a**loes

Amit

5 years ago

Can Mr. Abraham explain the consent order on Reliance Securities Limited, to which he was one of the signatories.

Whereas Reliance Money Limited practically operated as as stock broker, in active collusion with its affiliates, without being registered with SEBI / FMC, neither a member of the Stock / Commodity Exchanges, and therefore evaded all compliance and service liabilities, including evasion of taxes, SEBI did not deem it fit to go into the merits of Reliance Money Limited, an independent company.

Maybe Mr. Abraham can explain if the confusion existed in the minds of the investors, or the consent order is an example of serious wrongdoings within SEBI ?

A paltry fine... what a joke. Since, Mr. Abraham let off murderers himself... I do not know what is he complaining about.

Nagesh KiniFCA

5 years ago

It is high time that the SEBI goes in for a thorough massive clean up top to bottom. The broom needs to be replaced by a JCB to make the toothless watch dog into a biting blood hound.
The SEC has penalized Satyam and its auditors. SEBI should tell the Court that it is the Regulators' job and best be left to them.
Why is there no mention of the embezzlement in WIPRO current annual report, when again the SEC had proposed removal of the auditors.
SEBI has taken the right decision in reining in the auditors and as. the ICAI is another ineffective regulator Regulator.
Why is SEBI not responding to the MCA's enquiries for RIL de-subsidiarisation and re-subsidiarisation.
The unhealthy practice of arriving at "settlements" with the Ambani group for their gross irregularities must be put an effective end, the earlier the better. Leave heavy penalties on the Directors in their personal capacities.

vijay

5 years ago

Nothing will happen, and corruption will continue to grow.. Media should highlight this event..

Dr Vaibhav Dhoka

5 years ago

The fact that SEBI stinks is not new,but the skeletons are falling from SEBI's cupboard about its misdeeds and are being reported in media is new.A month back I commented thro' this channel that small investor has lost many times the amount in a year than in Controller of capitol era since its establishment till taken over by SEBI.It once again proves SEBI is most anti investor organisation.

nabarun

5 years ago

by which dt 100/150 rs incentive ll be paid off

Whistle Blower

5 years ago

3 more people need to be shown the door.

1. P K Nagpal, ED - SEBI

2. Prashant Sharan, WTM - SEBI

3. Dr Thomas Mathew, JS (CM), Min of Finance

REPLY

mm sundram

In Reply to Whistle Blower 5 years ago

one more person to be shown to the door along with the above people

4. Mr Ananata Barua ED-sebi

nagesh kini

In Reply to mm sundram 5 years ago

SEBI along with other Regulators, is a toothless watch dog that can neither bark nor bite. It growls once in a way when touched. Along with the individuals named the entire present set up needs to be shown the door. sooner the better!

Vinay Joshi

5 years ago

Ms.Sucheta,

July 8, SEBI U.K Sinha wrote to Sec; Eco, Affairs, Mr. R.Gopalan denying it as baseless allegations.

What was the need for him in the first place?

Was it necessary for him to take cognizance in official capacity of a letter wriiten by ex-member, June 1, to the PM with Cc to CVC? SEBI has no official copy.

Sucheta, onus on you to answer me if you must, Reliance consent to settle at 50CR instead of 650CR original!

Sucheta, ET & Mint exercised their RTI option, what prevents you. OK.

When it is evdent & widely known that FinMin always manages its regulatoryagencies, what prevents you from a writ petion? Stark – glaring example – Reliance 650Cr & et al;

However CVC R.Srikumar will deftly handle it.

When FinMin receives an anonymous leter about two former SEBI members, viz Dr.Abraham & M.S Saboo, CBDT acts instantly!?

Can anyone in India dare to touch Sahara’s Subrato Roy, or the Ambani Bros?
Their manipulative Empire can crumble like a pack of cards! What’s happened with Vodafone or Cairns?

CWG village required to be cleansed in 24 hrs! Who did it by deploying thousands of workers/sweepers? Subrato Roy did it. ‘Sahara’. I,m not diverting SEBI topic –
How Reliance ADAG has no connect with Swan Telecom?
Well certain things later.- What happened to Innventure rigging?

Regards,

REPLY

Rakesh

In Reply to Vinay Joshi 5 years ago

JOSHI, THE NASTY NIT-PICKER & HOLE-SEEKER

July 8, SEBI U.K Sinha wrote to Sec; Eco, Affairs, Mr. R.Gopalan denying it as baseless allegations. What was the need for him in the first place?

HE WAS ASKED TO RESPOND MY FINMIN. LITTLE KNOWLEDGE IS A DANGEROUS THING, MR JOSHI :)

Was it necessary for him to take cognizance in official capacity of a letter wriiten by ex-member, June 1, to the PM with Cc to CVC? SEBI has no official copy.

SAME AS ABOVE. HOW DO YOU KNOW SEBI HAS NO COPY AFTER FINMIN ASKED SINHA? ABRAHAM TOLD YOU? SINHA TOLD YOU? ARE YOU A SEBI RECEIPT CLERK?

Sucheta, onus on you to answer me if you must, Reliance consent to settle at 50CR instead of 650CR original!

ANSWER YOU? WHO ARE YOU?

Sucheta, ET & Mint exercised their RTI option, what prevents you. OK.

WE ARE WAITING FOR YOU DO YOU PART INSTEAD OF LECTURING, CRITICISING AND HOLE-SEEKING FOR FUN. READ MONEYLIFE REGULARLY, YOU WILL GET MORE RIGHT ANSWERS THAN MINT PROVIDES, WITH 1/10000TH OF THE RESOURCES. DID YOU SEE THAT MINT'S FRIDAY BIG STORY ON ABRAHAM-CVC WAS TOTALLY FALSE? RTI, MY FOOT. AND PLEASE DEVOUR PAID NEWS OF ET, TOI TO YOUR HEART'S CONTENT. BETTER STILL, DONT READ MONEYLIFE. YOU WILL BE BETTER OFF! LESS ANGER, BILE AND BLOOD PRESSURE IS GOOD FOR HEALTH :)

When it is evdent & widely known that FinMin always manages its regulatoryagencies, what prevents you from a writ petion? Stark – glaring example – Reliance 650Cr & et al; However CVC R.Srikumar will deftly handle it.

DONT SHOOT YOUR MOUTH OFF. WHAT EVIDENCE DO YOU HAVE? CAN YOU SHARE? IF YOU WERE A JOURNALIST WITH MINT, ET, TOI, THE PAPERS WOULD HAVE BEEN CLOSED DOWN BY LAW SUITS WITHIN A MONTH !! WHO SRIKUMAR, YOUR COUSIN?

When FinMin receives an anonymous leter about two former SEBI members, viz Dr.Abraham & M.S Saboo, CBDT acts instantly!?

HAS IT ACTED? WHAT HAS IT DONE SO FAR? HOW HAS SEBI GIVEN THEM CLEAN CHITS? HAVE YOU FOLLOWED THE CASE PROPERLY?

Can anyone in India dare to touch Sahara’s Subrato Roy, or the Ambani Bros? Their manipulative Empire can crumble like a pack of cards! What’s happened with Vodafone or Cairns?

YOU CAN BRING THEM DOWN ! WE ARE ALL WAITING FOR SOMETHING MORE THAN VENGEFUL WORDS :)

CWG village required to be cleansed in 24 hrs! Who did it by deploying thousands of workers/sweepers? Subrato Roy did it. ‘Sahara’. I,m not diverting SEBI topic –

THEN WHAT ARE YOU DOING? FILE AN RTI AND PIL AGAINST SAHARA. TOO MUCH TROUBLE, IS IT? EASIER TO THROW STONES?

How Reliance ADAG has no connect with Swan Telecom?

FILE A PIL, ORGANISE A MORCHA. YOU ARE HIGHLY CAPABLE

Well certain things later.- What happened to Innventure rigging?

WHAT HAPPENED TO YOUR RTI & PIL? IF YOU CUT OUT THE TIME AND WORDS YOU SPEND HERE, YOU CAN FILE 3 PIL'S A WEEK. PLEASE SAVE US MR, JOSHI. YOU ARE OUR SAVUOUR

sucheta

In Reply to Rakesh 5 years ago

Wow Rakesh.
Thanks for the aggressive defence.

But a couple of points.
Yes, U K Sinha responded only because the FIN Min asked them to.
Second the paper that used RTI to get info, then carries a retraction today because they still cant get it right.

Third... our stand on SEBI, NSE, NSDL has been proved correct over and over again in the past few months after Mr Bhave's departure.

SEBI's NSDL order restored by board
NSE hurriedly seeking consent settlements on lawsuits, including those with employee
NSE now charging fee for forex derivatives as it should have in the first place. More imp this issue ought to have been decided by SEBI not Competition Commission.
SEBI abdicated responsibility but had time and energy to encroach on insurance turf!
Our stand on that issue was correct too.

So why on earth am I the one being asked questions? Shouldn't Mr Joshi be filing these comments on other websites ?

rakesh

In Reply to sucheta 5 years ago

next time simply bar these kind of motivated people with ill-will. they can vomit somewhere else.

Vinay Joshi

In Reply to sucheta 5 years ago

Ms.Sucheta,

You are sadly mistaken. I'm not asking you questions, a way of debate.

As regards the comments of Mr.Rakesh, seconded by you - well i prefer not to reply, not that i can't give stoic reply to him & you & all ML put together.

Oh!Is he your stooge? He comments, then you comment!

Since you & Mr.Debashis have ventured out on your own, ML foundation, always my unknown wishes to you were in your endeavour.

Your contentention may be inappropiate, unintended be it but for the timing i'm resting the matter here.

However you were then the SEBI primary advisory committe member & have had an illustrious carrer being awarded 'Padma Shri'.

Should i draw your attention to your your first co-authored book with Debashis!

When i comment or always in my writing its with the due respect of the recipient view & never malice, salaciious response.

Its the principle of journalism observed by me.

Regards,

AVINASH DUTT

5 years ago

GTL share price dropped from Rs. 450 to 56 in as month but SEBI & Finance Mintsry remained silent spectator.This shows how much corrupt our system is.

AVINASH DATE

5 years ago

GTL share price dropped from Rs. 450 to 56 in as month but SEBI & Finance Mintsry remained silent spectator.This shows how much corrupt our system is.

Rajesh

5 years ago

Everyone is corrupt from top to bottom,but can we stop this in all fields and start a new taag free country instead of just doing digging jobs and wasting time money and all other resources of our country.If all of us are interested in doing so then only it can happen its like fighting for independence as done during the british raaj where all types of people had come togather for a single cause, Today its corruption

Nikunj

5 years ago

All politicians, RBI, SEBI are corrupt, Lots of friends/relatives working there, and they tell how they run under pressure of FM.. Moneylife should go in depth of it..

REPLY

MLD

In Reply to Nikunj 5 years ago

Don worry WE are keeping a close watch... on fin min and sebi and that means that Mr Sinha doesnt love us either. Even now we have said that we need a big change at SEBI.

Read this:

Moneylife has pointed out that Dr KP Krishnan, joint secretary (capital markets), was already a de-facto super-regulator. On 20 April 2010, we pointed out (‘Does the root of the SEBI-IRDA fight go back to the finance ministry?’) (http://www.moneylife.in/article/8/4879.html) on how Dr Krishnan had been rooting for a Financial Stability & Development Council (FSDC) and pushing for SEBI to regulate unit-linked insurance plans (ULIPs) in various presentations since November 2009.

This was in http://www.suchetadalal.com/?id=e7b4a087...

KK

5 years ago

Its evident that you are receiving some good kickbacks to write such malicious and untrue stories which you cook up in you mind ! Come on....do you know anything about what BS you are writing Ms.Dalal ??

Dnt you have soul you need to be answerable to ? Oh yea...right ...you prefer the "moneylife"

Get Lost !

REPLY

kishan rao

In Reply to KK 5 years ago

And you sir? who is paying you to post this stuff?

If you were a regular reader, you would be praising MONEYLIFE for getting it right -- alone.

and your MONEYLIFE would improve, without you being a paid -comment writer for anybody.

KK

In Reply to kishan rao 5 years ago

Mr.K R seems to be more concerned if the participants are regular readers or not...

Thats all you managed to get in defence ?

You are more concerned about all 'praising' your MONEYLIFE.

Well, guess what ???

I wnt be doing that .

Hemant V Bhatia

In Reply to KK 5 years ago

Before asking any one to search Soul,why don't you look for your own ?Good luck.

Dharam

In Reply to KK 5 years ago

Truth is always bitter, KK (is it shortform of my famous dialogue kutte, kamine?), Anyway, you said it in the end, you really seems to be lost (your mind)

The stink coming from SEBI-II

Chairman UK Sinha’s analysis of the “Possible Causes” for Dr KM Abraham’s (former whole time member of SEBI) many allegations against him and finance ministry officials, includes anger, delusion, insecurity complex, severe emotional stress and many others

SEBI chairman UK Sinha's first six months in office have been a trial by fire. In his note, he analyses the "possible causes" for Dr Abraham's extraordinary action of levelling a series of serious charges against him. The explanation only points to the need for a major overhaul in the staffing and working of the capital market watchdog.

a)    UK Sinha says that Dr Abraham circulated a note to the SEBI board wanting a resolution and discussion on his allegations that he was being harassed at the 'behest of a corporate entity' and at the instructions of certain officials of the Ministry of Finance mentioned in the note.

b)   Mr Sinha then refers to what can only be termed Dr Abraham's strange sting operations inside SEBI. He writes, "He also told me that he keeps a recording of his phone calls and has got a device to record the private conversations that he has with people without alerting or letting the other person know that the conversation is being recorded by him. I told him that such conduct is unethical and unbecoming of a civil servant and he can selectively use it to harm other people without alerting them".

c)    Mr Sinha says that "in his conversations he (Dr Abraham) made scathing comments on certain officials of the Ministry of Finance. The most severe ones have been reserved for the current joint secretary, capital markets who is from the same cadre as Dr Abraham".

d)   Mr Sinha says, "I tried to counsel him to be moderate in his comments, but he appeared to be under severe emotional stress and a delusion that everybody was out to harm him and his family. He has also told that he comes from a well known media family of Kerala and that he is going to 'teach a lesson to everybody involved in harassing him'. His behaviour is being erratic and he seems to under some delusion about threat to his family. While the other WTM (Whole-Time Member) Mr Sahoo has also been facing a similar probe by the CBDR, he is facing the same stoically as a civil servant".

e)    National Institute of Securities Management (NISM): If Mr Sinha is to be believed, despite his harassment, Dr Abraham was keen to hang on as Director of NISM, a hugely well-funded body that is apparently not accountable to either the CVC or the Comptroller and Auditor General. Mr Sinha's letter says that one week before his departure, Mr Bhave had recommended Dr Abraham's appointment for a 5-year term on a compensation of Rs2.50 lakh per month and also house, car and other benefits. He says, "However, Mr Bhave hesitated in passing the final orders in his capacity as Chairman, SEBI—and marked it for his successor to take a decision. Dr Abraham has raised this matter several times with me in person and requested me to the point of embarrassment that I should clear the file for his appointment". Mr Sinha explains that the rules required the selection committee to put up three names, but in this case only Dr Abraham's name was recommended.

f)     According to Mr Sinha's letter, Dr Abraham was keen on staying on in Mumbai for family reasons and said that 'maintaining two establishments would lead to financial hardship to him. Maybe this was one of the reasons for the afterthought in his mind in inventing these allegations. It is also a matter of record and public knowledge that Dr Abraham and Mr Sahoo were expecting an extension of their tenure from 3 years to 5 years. The government in its wisdom decided not to grant extension". All these decisions, he says, were taken before he came to SEBI. Indeed, even Mr Bhave had lobbied hard for his term to be extended to 5 years.

In our view, the very fact that a new SEBI chairman is constrained to answer to such allegations from an outgoing member with a dubious record, just four months after taking charge, points to a deep malaise in the capital market regulatory body. Moneylife has already argued that the SEBI chairman cannot be allowed to bring in a coterie of officials (as Mr Bhave and Mr Damodaran were allowed to do), who owe allegiance to the chairman and not to the organisation or public interest. Also, key departments such as investigation, secondary markets and legal must have a degree of independence and not operate at the whims of extraordinarily powerful Whole Time Members (WTMs) on a short stint.

User

COMMENTS

Amit

5 years ago

Can Mr. Abraham explain the consent order on Reliance Securities Limited, to which he was one of the signatories.

Whereas Reliance Money Limited practically operated as as stock broker, in active collusion with its affiliates, without being registered with SEBI / FMC, neither a member of the Stock / Commodity Exchanges, and therefore evaded all compliance and service liabilities, including evasion of taxes, SEBI did not deem it fit to go into the merits of Reliance Money Limited, an independent company.

Maybe Mr. Abraham can explain if the confusion existed in the minds of the investors, or the consent order is an example of serious wrongdoings within SEBI ?

A paltry fine... what a joke. Since, Mr. Abraham let off murderers himself... I do not know what is he complaining about.

Nagesh KiniFCA

5 years ago

No Chairman should be permitted to bring a cotorie of his chamchas. All should be weeded out. Remember Lord Tennyson - "Old order changeth, yielding place to new"?
The practice of extending terms and kicking up the old foggies to newly created setups should stop.
Get new and younger talent and professionals for the job instead of picking up disgruntled North Block babus with Delhi mentality.

Rambabu Shastri

5 years ago

The whole Govt. machinery stinks. As long as politics is inseparable from the administration, this will always be the scenario.

BTW, SEBI in my opinion is useless. Nothing can tame a greedy nation with greedy brokers, regulators and politicians. Everyone is now in a rat race... that of greed. How else can we explain the fiasco of a hearing of Vaswani Industries that cooked the whole IPO and got off lightly.

Corruption has ruined India and it is time for every honest citizen to either fix it, or if it cannot be fixed... migrate and grow it elsewhere.

Dr Vaibhav Dhoka

5 years ago

It was on assumption of office of Mr U K Sinha I mailed him greetings of congratulation and attached a grievance against Kotak Sec.Ltd a stock bro-king firm since July 2004 though SEBI is legally bind to investigate and resolve the same.All previous chairmen dillydallied for reason as stated above and broker SEBI(official)nexus as KSL boss is member of advisory committee set by SEBI for investor but For Mr Sinha he thanked for greetings and immediately as
ub: Grievance against stock broker / sub-broker

Madam / Sir,

1. We understand that you had lodged with SEBI a complaint against KOTAK SECURITIES LTD which was assigned the acknowledgement / reference number 2010/0014458/01 by SEBI.

2. You are advised to confirm whether the aforesaid complaint has been resolved. In case, however, your complaint still remains unresolved, please send us the copy of the complaint once again and any other relevant correspondence exchanged with stock exchanges / broker / SEBI, by return post at the following address or the email address to enable us to facilitate redressal of the same.

Address
Email address
Mr. V S Sundaresan
Chief General Manager, MIRSD-2
SEBI Bhavan, Plot No. C4-A
“G”-Block, Bandra Kurla Complex
Bandra (E)
Mumbai-400051
[email protected]

3. If no reply is received from you on or before April 08, 2011, the complaint will be treated as closed.
But with this no further action.What kind of REGULATOR we have? or is it our destiny to have such deaf and dumb REGULATOR.

Whistle Blower

5 years ago

I think 3 more people need to be shown the door.

1. P K Nagpal, ED - SEBI
2. Prashant Sharan, WTM - SEBI
3. Dr Thomas Mathew, JS (CM), Min of Finance

Meenal Mamdani

5 years ago

I have been a dedicated reader of Ms. Dalal's columns. I admire the clear explanation of matters involved and the blunt way that blame is laid where it belongs.
If only all the journalists followed her example and did not pull their punches to suck up to the powers-that-be, then we would not have the extent of corruption that is present in today's India.
She truly deserves an award from the govt and an enormous thank you from the public for her hard hitting articles.

amitg

5 years ago

The earlier SEBI regime was run by autocrats who ran the whole show as if Aurangzeb was running Delhi. There can not be a deadlier combination of incompetence and arrogance. All the top four -five people broght by Bhave had no exposure to being a public authority in their life. They were mere tools in the hands of Chairman who used them and abused their office the way he wanted. Ultimate fault lies with Finance Ministry for allowing such incompetent people for such responsible positions.

REPLY

Whistleblower

In Reply to amitg 5 years ago

I think 3 more people need to be shown the door.

1. P K Nagpal, ED SEBI
2. Prashant Sharan, WTM
3. Dr Thomas Mathew

The Dow is zooming, and how

The index shot up 400 points-a historic first-time jump-after a drop in jobless claims, and strong corporate results.

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