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| Letters: Neutral Sebi? |
| Business Standard / New Delhi Nov 11, 2009, 00:36 IST |
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This refers to ‘IPO Scam: Sebi dismisses panel’s adverse order’, November 10. This just goes to show that the decision to appoint CB Bhave as Sebi chief was always fraught with problems. Bhave is a very competent professional and played a big role in making dematerialisation happen in the country. He also ensured that the demat rates charged by depositories were very reasonable and truly brought about a revolution. It speaks volumes for the system he created that very few frauds happened after dematerialisation happened.
But there can be little doubt that NSDL has not done its work properly in the IPO scam of 2002. Of course it was the depositories that were at fault since it was the depositories that took multiple applications from the same investors. But the organisation whose job it was to prevent all of this was NSDL and Bhave was the head of NSDL.
Did the government ever think of the consequences of a Sebi order on the case? If it went in favour of NSDL, everyone would say this happened because Bhave was in charge, never mind that he has said he will never preside over meetings which discuss the case. And if it went against NSDL, what face would Bhave have left?
S Bhalla, New Delhi
Readers should write to:
The Editor, Business Standard,
Nehru House,
4, Bahadur Shah Zafar Marg,
New Delhi 110 002,
Fax: (011) 23720201;
letters@bsmail.in
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