Paper chase: India cracks down on alleged bond fraudsters
Article Abstract:
The Indian government is seriously pursuing the prosecution of all involved in the securities trading scandal that could cause some banks nearly 31 billion rupees in losses. State Bank of India Deputy managing director C.L. Khemani and broker Harshad Mehta were placed under arrest without bail for fraud and corruption. To avoid delays in the Indian court system, the government appointed a special court under a Supreme Court judge to try the case and a custodian to seize the defendants' fraudulently acquired assets. Hopes were raised that the scandal could prompt financial market reforms.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
Paper tiger: India's securities watchdog lacks independence
Article Abstract:
The statutory status recently given to the Securities and Exchange Board of India (SEBI) is being questioned because of the SEBI's alleged lack of independence from the Finance Ministry. The ministry names the SEBI's board of directors and may terminate their appointment at the Ministry's discretion. New rules promulgated by the SEBI must be sanctioned by the ministry, as well as the indictment of erring companies. Indian politicians oppose the SEBI's independence because their control over corporations and business leaders will be reduced.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
Caught in a storm: Indian securities scam snares economic reformer
Article Abstract:
Progressive economic reformist Commerce minister P. Chidambaram, resigned his position as a result of the widescale securities fraud perpetrated in India. Chidambaram's ethical resignation stemmed from family investment in a company implicated for using forged securities. The economically liberal secretary turned out to be affected by the fraud through his wife's investment in Fairgrowth Financial Services, one of several companies implicated in a scandal concerning fraudulent securities.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Biting the bullet: Indonesian technocrats urge faster pace of economic reform. The chase is off
- Abstracts: Vienna showdown. The first step: Asean takes the initiative on security cooperation. Political clean-up: Asean set to take initiatives at earth summit
- Abstracts: Behind the lines: opposition victory in electoral boundary row. The DAP dilemma: Lin Kit Siang's party has served democracy well, but needs to broaden its base and outgrow its roots in the Chinese community
- Abstracts: Celestial vision: StarTV venture is classic Li. Hongkong to the rescue? Have cash, will travel: Hongkong is no longer big enough for property tycoon Li Ka-shing
- Abstracts: Off the boil but still hot. Speeding ahead. Stirred, not shaken