The Parliamentary Standing Committee on Finance on Tuesday sought details on Sebi’s action on a host of issues. These include status of probe into various lapses at the National Stock Exchange (NSE), Paytm issue price and functioning of crypto currency exchanges, people in know said.
Madhabi Puri Buch, chairperson, Securities and Exchange Board of India (Sebi) appeared before the parliamentary standing committee on finance over regulatory issues concerning the capital market.
The panel, chaired by Jayant Sinha, has reviewed the outcome of the measures taken by Sebi in key cases, including NSE matter on which Buch is learnt to have apprised the committee about it.
In its final order on February 11, the Securities and Exchange Board of India (SEBI) held that NSE's former MD and CEO Chitra Ramkrishna shared "confidential information" with a spiritual guru (also referred to as Himalayan yogi) and sought his advice on crucial decisions. The matter is currenly being investigated by multiple probe agnecies.
The panel also had a discussion upon the orderly functioning of the market amid the recent volatility and turbulent flow of cash.
The performance of the IPO market, particularly the issue with Paytm issue price, also came up for discussion. Paytm was listed at a steep discount against its issue price on the stock exchange.
The panel also learnt to have asked details about crypto exchanges and the regulations around it. Currently, India has no legislations on the crypto assets. Also, the role of artificial intelligence and machine learning in the stock market was discussed.
Besides, the panel also discussed the Unified Securities Code. The government had in 2021 Budget proposed to introduce a unified securities markets code, a move that will help in boosting the ease of doing business in the country's financial markets.
The panel chaired by former minister of state for finance Jayant Sinha had 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.
Memebers 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.
This was the second meeting of SEBI officials with the parliamentary panel in the last one week.
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