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BJP demands JPC probe on mkt plunge
BS Reporter / New Delhi October 17, 2007
BJP today demanded a Joint Parliamentary Committee (JPC) probe into the stock market crash. The party put the blame for the crash squarely on the UPA government saying that statements by Securities & Exchange Board of India (Sebi) on its "intent" to regulate participatory notes yesterday led to the crash.

The party pointed fingers at Finance Minister P Chidambaram and asked him to explain why he waited for the markets to fall by nearly 1,800 points, which saw investors losing over Rs 4 lakh crore, before coming out with clarifications. 

The main opposition party insisted that some manipulators and market players benefited from the crash. "We want to know why only an intent was expressed by Sebi without any policy measures at a time when the market was volatile. Why was the Finance Minister late in his clarification? We believe only a JPC probe will find out the truth," BJP spokesman Prakash Javdekar said. 

The "irresponsible" conduct of the government and "unwarranted"  comments of Sebi has led to the crash, and an investigation was necessary, he added. "The announcement by Sebi and a late clarification by the Finance Minister clearly exemplifies the complete mishandling by the government and its agencies," Javadekar said. 

Javadekar pointed our that the PN route should have been checked much earlier as money without the knowledge of the source is systematically being pumped in through this method for some time. "The NDA government, in 2004, had already laid the groundwork for phasing out the PN route. Even the Lahiri Committee set up by the UPA government had recommended this, but the government has not acted upon it on time," he said.

"This is the third time the stock market was shut down during the UPA regime. The government has shown itself to be inept at handling the situation," he said.

 
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