Sucheta Dalal :SEBI To Act on an FSA Tip-off. Really?
Sucheta Dalal

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SEBI To Act on an FSA Tip-off. Really?  

August 20, 2013

The market watchdog has announced an investigation but its track-record does not give us much hope about the outcome

Sucheta Dalal

Although SEBI has been collecting kudos for getting the Anil Ambani-led, ADAG group to sign the biggest consent order of Rs50 crore in 2011, Moneylife has always held that the regulator, under CB Bhave, allowed the group to get away easily. It did not admit guilt and claimed to have no knowledge about the round-tripping of a massive $250 million into Reliance Communications. Yet, the consent order was conveniently vague and did document the group’s shady transactions through UBS and a host of overseas entities. In fact, the Financial Services Authority (FSA) of the UK shared plenty of information with SEBI on that case and eventually acted more stringently against UBS officials.

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-- Sucheta Dalal