Sucheta Dalal: Mumbai, Scam Investigation, Sucheta Dalal`s Blog

SCAM 2001

SEBI report on Scam 2001 throws surprising results

Sucheta Dalal 30 Nov -0001

In 15 days flat the Securities and Exchange Board of India (SEBI) has put together a fairly detailed report on the Scam of 2001 and how Ketan Parekh and other operators manipulated the market in collusion with companies, banks, mutual funds and Foreign Institutional Investors (FII). The report also...

How shall we investigate future scams?

Sucheta Dalal 30 Nov -0001

Sometime in the year 2001, the government was under pressure from opposition parties who boycotted the parliament for almost an entire session demanding an investigation into two major scandals. One was the stock market crash of March 2001 while the other was the defence bribery scandal exposed...

Which scam is the JPC investigating? Take action for 2001 scam (18 June, 2001)

Sucheta Dalal 30 Nov -0001

Last week, the Joint Parliamentary Committee (JPC) Members turned the heat on an entire line up of investigative and regulatory agencies and government departments. The focus of their attention and their ire was the Action Taken Report (ATR) based on the Joint Parliamentary Committee’s...

Accountability and information sharing If the JPC can ensure these among regulators, it’d have done a good job (28 May, 2001)

Sucheta Dalal 30 Nov -0001

Every regulator summoned by the Joint Parliamentary Committee (JPC) investigating the payment crisis on the stock markets is bound to whine about the multiplicity of regulatory agencies and the absence of adequate supervisory and punitive powers. Improving co-ordination and co-operating between...

Another Outrageous Bailout for UTI? Just why is investigating the institution beyond the JPC's purview? (21 May, 2001)

Sucheta Dalal 30 Nov -0001

Even as the Joint Parliamentary Committee (JPC) chairman Prakash Mani Tripathi declared that the JPC will only investigate specific transactions of Unit Trust of India (UTI), reports about its shady investments and the disastrous depletion in reserves have begun to hog media headlines. According...

UTI's bail out transactions It's now up to the Joint Parliamentary Committee to fix responsibility (14 May, 2001)

Sucheta Dalal 30 Nov -0001

The Securities and Exchange Board of India’s (SEBI) preliminary inspection report is very circumspect in its comments about Unit Trust of India (UTI) but the statistics it has annexed tell a different story. SEBI says that UTI remained a buyer of Ketan Parekh’s favourite stocks even...

The usual suspects of all scams Brokers, banks, corporates, inaction… and cover-ups? (16 April, 2001)

Sucheta Dalal 30 Nov -0001

In 1992 the Joint Parliamentary Committee (JPC) investigating the securities scam said in its report that it had come across “various instances of close nexus between prominent industrial houses, banks and brokers”. It specifically named Reliance Industries, Apollo Tyres and United...

Paradise of insider information This mockery of a JPC can hardly do justice to investigating guilty FIIs (7 May, 2001)

Sucheta Dalal 30 Nov -0001

If foreign banks were the prime target of the Joint Parliamentary Committee’s (JPC) scrutiny in 1992, then the JPC which will investigate the Scam of 2001 has to focus on Foreign Institutional Investors (FIIs) –especially those that have already been identified by the Securities and...

Don't bother with a JPC on Scam-2001 At best it would be a source of amusement, at worst a waste of time (9 April, 2001)

Sucheta Dalal 30 Nov -0001

Congress spokesperson Jaipal Reddy is doing a great disservice to the nation by demanding a Joint Parliamentary Commission (JPC) to investigate Scam-2001. Reddy was a member of the 1992 JPC, as was Finance Minister Yashwant Sinha; so who better than them to know that a JPC serves no real...

10 years of financial scams

Sucheta Dalal 30 Nov -0001

It terms of reform and development, the Indian capital market and financial sector have been the fastest to grab every opportunity presented by the paradigm shift in India’s economic policy. Their furious developmental activities have put the two top Indian bourses almost on par with...