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The panel is expected to identify the reasons for various corporate governance lapses at the nation’s largest stock exchange and suggest stricter controls to clean up and streamline existing systems.
On April 5, Buch appeared before the Parliamentary Standing Committee on finance chaired by Jayant Sinha. Santosh Kumar Mohanty, a whole-time member, Sebi, along with some senior officials, were also present in the meeting.
The CBI, which was probing the co-location scam since 2018 against a Delhi-based stock broker, swung into action after the SEBI report that showed alleged abuse of power by the then top brass of the NSE.
Questions can be raised as to whether the public interest directors did their job. At the same time, systemic issues in the law governing them and their lack of effective power also need to be examined.
The former MD seemed well connected and savvy, and not an easy mark as the exchange's investigation would have us believe.
SEBI had said former chief executive of NSE Chitra Ramkrishna shared information including the bourse's financial projections, business plans and board agenda with a purported spiritual guru in the Himalayas.