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New Delhi, Sept 21: With finance minister P Chidambaram and Sebi chairman M Damodaran out in New York to attend the India Investment Forum, the Prime Minister’s Office went into an overdrive to get to the bottom of the phenomenal rise in Sensex.
It held a series of meetings with officials from the Securities and Exchange Board of India (Sebi), the Reserve Bank of India and the Intelligence Bureau beginning Tuesday evening and continuing through the day on Wednesday.
The Intelligence Bureau submitted a three-page report on the recent market behaviour to the PMO drawing its attention to four basic areas of concern: source of money flowing into the capital market, the role of co-operative banks and non-banking finance companies, the role of brokers and the huge rise in penny stocks including Janice Textiles, Konkan Tyres and Shakti Netdor.
Officials told FE the PM, though not in New Delhi during the day, was receiving periodic update on the market from his office. “UK Sinha, joint secretary, capital markets, in the finance ministry has already been rushed to Mumbai,” an official said.
When asked about the volatility in the markets back home, Mr Chidambaram told newspersons in New York, “It’s a well regulated capital market and a well-regulated banking sector.”
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