SEBI-NSDL case gets messier, another PIL filed

Petitioner seeks court declaration of SEBI’s suppression of Final Orders as illegal, also demands details of investigation against CSDL 

Just days after the Andhra Pradesh High Court heard a PIL against SEBI for allegedly suppressing a series of final orders in connection with the 2004-05 IPO scam, another PIL has been filed in the same court a couple of days ago, by Srinivas Podichety, reports Web portal Bar & Bench.com.

The Bar & Bench article reports that the second writ petition, filed by Srinivas Podichety yesterday, has arraigned Dr Mohan Gopal and V Leeladhar as Respondents. These two constituted the two-member committee that examined various charges levelled by the regulator against NSDL in connection with the IPO scam of 2005. The petitioner is seeking a declaration from the AP High Court that the action of not publishing the Final Orders is illegal and is demanding production of all documents from SEBI. Mr Podichety is also seeking details of the investigation against Central Depository Services Limited (CDSL).

Previously, another aggrieved investor, V Narayan Reddy, had filed a writ petition in the Andhra Pradesh High Court, questioning the market regulator’s action of withholding a Final Order passed by its two-member committee with respect to the role of National Securities Depository Ltd (NSDL) in the IPO scam. He alleged that SEBI is not inclined to publish the Order to prevent adverse consequences for Mr Bhave, as he was the chairman and managing director of NSDL when the scam occurred. His petition also indicates that the report may have indicted SEBI as well as NSDL for failure to protect investors.

Sanket Dhanorkar [email protected]
 

  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)