FM rules out terrorists' role in Indian stock markets | business | Hindustan Times
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FM rules out terrorists' role in Indian stock markets

P Chidambaram says there is no indication of "surreptitious" entry of terrorist outfits in the stock or real estate markets to meet their financial needs.

business Updated: Aug 17, 2007 13:18 IST

Government on Friday said there was no indication of "surreptitious" entry of terrorist outfits in the stock or real estate markets to meet their financial needs.

"Government have consulted Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). The information available to government does not indicate any surreptitious entry into the stock market or real estate market by terrorist outfits," Finance Minister P Chidambaram said in a written reply in Lok Sabha on Friday.

His statement assumes significance in view of National Security Advisor MK Narayanan's revelation in February this year that manipulation of stock exchanges is the new modus operandi used by terrorist groups to raise funds for their operations and fictitious companies have operated in the Mumbai and Chennai stock exchanges.

Narayanan had said some of these companies were later traced to terrorist groups.

"Isolated instances of terrorist outfits manipulating the stock markets to raise funds for their operations have been reported. Stock exchanges in Mumbai and Chennai have, on occasions, reported that fictitious or notional companies were engaging in stock market operations," he had said, addressing the 43rd Conference on Security Policy in Munich.