Two independent experts, on Wednesday, told the Joint Parliamentary Committee (JPC) probing the multi-million rupee stock scam that it could have been prevented through better surveillance. A better coordination between regulatory bodies like the SEBI, the RBI and the departments of law and company affairs and income tax would minimise the chances of a scam in future, R H Patil and former SEBI chairman Ramakrishna stressed in separate briefings before the committee in New Delhi.
They stressed the need to strengthen the surveillance system and said that various stock exchanges should move with the times to improve their functioning. Later, briefing mediapersons on the JPC deliberations during the day, committee chairman Shriprakash Mani Tripathi said that both experts mentioned the existence of various stock exchanges, the number of which could be reduced through the use of modern communications and online trading facility.
Bureau Report