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Will the SEBI Board isolate Dr.Mohan Gopal today?
The Securities and Exchange Board of India (SEBI) is all set to hold a crucial board meeting today in which, several many of its key directors including Chairman C B Bhave would be absent. The board will take the ‘extraordinary’ step of discussing and reviewing a board order on the National Securities Depository’s (NSDL) role in what is called the multiple IPO application scam. The order by bench comprising two independent members of the board Dr.Mohan Gopal ( a legal expert who heads the National Judicial Academy) and V Leeladhar (former Deputy Governor of the Reserve Bank of India) was issued on 4th December 2008 ad has been suppressed by the regulator for four long months with whole time members nit-picking about whether it has exceeded its mandate?
The question that is being asked is whether the board is being arm-twisted to protect the Chairman? I reported on the issue extensively and quoted Dr.K P Krishnan, Joint Secretary, Ministry of Finance on his views. He has been quoted accurately and has not objected to anything that I have written..
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