NSE scam: Sebi chairperson Madhabi Puri Buch appears before parliamentary panel

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The Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch on Tuesday appeared before the parliamentary standing committee on finance over regulatory issues concerning the capital market including the recent National Stock Exchange (NSE) scam.

The panel headed by former minister of state for finance Jayant Sinha has called Buch to deliberate upon regulatory issues related to initial public offerings, international financial services centres and alternate investment fund, according to a notice issued by the Lok Sabha Secretariat.

Members in the committee said they would like to know about the investigation being done by the SEBI in the NSE scam in which several of its top officials including former chief executive officers Chitra Ramakrishna and Ravi Narain are being investigated.

Sinha had said that Buch has been called by the parliamentary panel to deliberate upon the orderly functioning of the market in the recent volatility and turbulent flow of cash.

A special Delhi court recently extended the judicial custody of former MD & CEO of NS Chitra Ramkrishna till April 11, in connection with the irregularities that took place at the exchange between 2010 to 2013. In its order, the regulator had said Ramakrishna and former NSE group operating officer Anand Subramanian committed ‘financial misdeeds’, and identified serious governance lapses and misrepresentation of facts at NSE between 2013 and 2017.