Millennium Post

File reply by 20 Jun: SAT asks National Securities Depository

The Securities and Appellate Tribunal has directed the National Securities Depository (NSDL) to file by 20 June its reply in the case related to the Rs 500 crore IPO scam.

According to sources, during a hearing on 11 June, the tribunal said that it would be the last chance for NSDL to file the reply.
The tribunal has fixed 8 July as the date for the final hearing, they added.

The case involves the former Sebi Chairman C B Bhave, who was heading the NSDL at the time of the scam that saw opening of thousands of fake demat accounts to corner shares in Initial Public Offerings (IPOs).Market regulator Sebi's investigation into the scam began during the tenure of Bhave's predecessor M Damodaran.

A Sebi probe panel, headed by K Mohan Gopal and V Leeladhar, who was then the deputy governor of RBI, had found both NSDL and Bhave guilty of negligence and said that there should be accountability fixed in the case. But by that time, Bhave was heading the Sebi.Following this, Sebi board rejected its own committee findings on the matter.
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