MUMBAI, June 13: The Securities and Appellate Tribunal has directed the National Securities Depository (NSDL) to file by June 20 its reply in the case related to the Rs 500 crore IPO scam.
According to sources, during a hearing on June 11, the tribunal said that it would be the last chance for NSDL to file the reply.
The tribunal has fixed July 8 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.
Later, a public interest litigation was filed in the Supreme Court in 2011, which asked Sebi to take a view on the matter by August 2011.
Bhave’s term ended at Sebi in February 2011, and in July that year, Sebi board under new Chairman U K Sinha decided to look at the matter afresh and implement the panel’s recommendations.
Following this, the Supreme Court disposed of the PIL. (PTI)
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