20-Dec-2011

Corporates and Fin Min Officials Interfering in SEBI?


Ah, The Invisible Hand is fleetingly seen before it vanishes into the deeps.  

New Delhi: The government has declined to disclose two letters written to prime minister Manmohan Singh by former Securities and Exchange Board of India (SEBI) member KM Abraham, who had alleged in another communication, interference by some corporates and top finance ministry officials in the working of the market regulator, reports PTI.
Replying to a PTI request for the letters under the Right to Information Act, the Prime Minister’s Office (PMO) cited a clause that bars disclosure of any information that “would lead to unwarranted intrusion of the privacy of the individual”.
The PMO was asked to provide copies of three letters by Mr Abraham to Mr Singh, along with the action taken report. However, the public authority provided a copy of only one of the three letters, dated 1 June 2011, written by the former SEBI member.
The others two communications—sent on 16th May and 24th June this year—were not provided to the applicant.
In his letter dated 1st June, Mr Abraham had alleged that some corporates and finance ministry officials were exploiting the vulnerability of the market regulator, which was investigating crucial cases involving prominent business houses. 

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