SEBI to revisit verdict on NSDL role in IPO scam | business | Hindustan Times
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SEBI to revisit verdict on NSDL role in IPO scam

business Updated: May 09, 2011 20:56 IST
HT Correspondent
HT Correspondent
Hindustan Times
Highlight Story

The Securities and Exchange Board of India (SEBI) on Monday informed the Supreme Court that the market regulator had decided to reconsider its earlier decision to give clean chit to NSDL (National Securities Depository Ltd) regarding share allotment irregularities in various initial public offerings (IPOs) during 2003-2006.

Attorney General GE Vahanvati appeared for SEBI in response to a court notice and told the apex court that the board had on April 26 decided to look into the special committee’s report that had found NSDL to be at fault in the scam.

The board gave a clean chit to NSDL in the issue, despite a special committee to probe the matter finding the depository to be at fault in the case.

The court said the matter would be listed in July and said the court would see the outcome of the SEBI decision.

SEBI gave clean chit to NSDL in February 2010. The decision came under scrutiny as the board was then headed by CB Bhave, who earlier headed NSDL. Bhave had, however, recused himself from the meeting when the NSDL matter was discussed.