JPC indicts Ketan Parekh, holds UTI management responsible
19 Dec 2002
New Delhi: The Joint Parliamentary Committee (JPC) report, which was tabled in the Indian parliament today, has indicted Ketan Parekh for being the key player in the US-64 stock market scam.
Without naming then finance minister Yashwant Sinha, the report tabled in the parliament held the UTI management and the finance ministry’s “lack of proactive role” responsible for the US-64 fiasco.
The committee was of the view that there was a nexus between Parekh, banks and corporate houses and it recommended this nexus be further investigated by the Securities and Exchange Board of India (Sebi) or the Department of Company Affairs speedily.
The committee also indicted Sebi for its failure to bring out irregularities and defuse them before the scam blew up. The report, presented by JPC chairman Prakash Mani Tripathi, said the stock market scam was basically the manipulation of the capital market to benefit market operators, brokers, corporate entities and their promoters and management.