No action so far on Satyam: SEC | india | Hindustan Times
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No action so far on Satyam: SEC

india Updated: Jan 28, 2009 15:19 IST

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US market regulator Securities and Exchange Commission on Wednesday said it is yet to take any "disciplinary action" in the Satyam scandal, but did not rule out appropriate regulatory and enforcement steps to protect the investors.

The New York Stock Exchange listed Indian IT major Satyam Computer's founder and then Chairman Ramalinga Raju had shocked the world three weeks ago on January 7 with the disclosure of a massive financial wrongdoing to the tune of over a billion dollar at the company.

This was followed by the NYSE suspending trading in Satyam shares the very same day. Trading resumed on January 12 after assessing the company's regulatory filings and its suitability to remain listed at the bourses.

Asked how the US regulator was responding to accounting fraud at Satyam, John Heine, Deputy Director at the SEC Office of Public Affairs, told PTI in an emailed statement, "There has been no public disciplinary action by the SEC (for example a court case or administrative proceedings) involving Satyam."

Separately, about a dozen class action lawsuits have been already filed in the various US courts on behalf of thousands of American investors in the Indian company, which is also listed in the US and Europe.

The scam is already being probed by various Indian authorities, including by the country's market regulator Securities and Exchange Board of India (SEBI).

SEC is believed to be in touch with its Indian counterpart SEBI on the developments in the probe.