The Securities and Exchange Board of India (Sebi) had a hearing today on the controversial issue of the role of the National Securities Depository Ltd (NSDL) in the IPO scam of 2005.
Details of the hearing could not be ascertained. Last month, Sebi had dismissed the recommendations made by a committee in two of three matters filed on the subject. The committee looked into NSDL’s role in the scam. It was set up after C B Bhave became Sebi chairman and then recused himself from hearing the three cases, as he had headed NSDL earlier.
In the IPO scam, the committee had rapped both Sebi and NSDL. The scam, unearthed in April 2006, involved depositories, including NSDL, despository participants and market operators, who allegedly helped some entities use 59,000 fictitious demat accounts to get shares meant for small investors.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app