Panel to hear watchdog charges against depository

March 5th, 2008 - 8:02 pm ICT by admin  


New Delhi, March 5 (IANS) India’s markets watchdog has set up a three-member panel to oversee the proceedings against National Securities Depository Ltd (NSDL) related to the initial public offerings (IPO) scam of 2006. The panel headed by Mohan Gopal, director with the National Judicial Academy of Bhopal, may also seek the advice of Advocate General of Maharashtra Ravi Kadam in the matter, it was announced here Wednesday.

The panel has been set up since the new chairman of the Securities and Exchange Board of India (SEBI), C.B. Bhave, was at the helm of the case as the chief of NSDL before he took over the reins of the watchdog last month.

The scam is related to the opening of tens of thousands of dematerialised accounts in fictitious names to corner a larger chunk of shares offered by IPO of companies.

The other two members of the panel are Reserve Bank Deputy Governor V. Leeladhar and Corporate Affairs Secretary Anurag Goel. Both are non-whole-time directors of the watchdog to ensure objectivity in holding the proceedings.

“I was with that organisation earlier and I had requested that I be excused from its proceedings. For this purpose, the board decided it will form a committee of three independent board members,” Bhave told a press conference here.

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