The sub-panel of the Securities and Exchange Board of India (Sebi) to look into pending proceedings against the National Securities Depository Limited (NSDL) will be headed by its recently appointed part-time member Mohan Gopal, director, National Judicial Academy, and will comprise three non-wholetime members. An announcement of this is expected at the Sebi board meeting in New Delhi on March 5.
The other three members of the sub-panel are Anurag Goel, secretary, ministry of company affairs, V Leeladhar, deputy governor, Reserve Bank of India and Venu Srinivasan, managing director, TVS Group.
The Sebi board, which will meet under new chairman Chandrasekhar Bhaskar Bhave for the first time, is also expected to approve the appointment of the sub-panel.
Since the meeting is in New Delhi, finance minister P Chidambaram is expected to inaugurate it, sources in the ministry said.
While appointing Bhave as chairman, the government had announced that any matter related to NSDL will be handled by a separate panel, where neither Bhave nor any representative of the ministry on the Sebi board will be involved. The announcement came as Bhave, who was chairman and managing director of NSDL before taking charge as Sebi chief, had requested to be recused from these proceedings.
Subsequently, the Centre has advised the Sebi board that in order to ensure objectivity in the conduct of these pending proceedings against NSDL, these matters be handled by a team of non-wholetime members. This panel will handle all matters related to this case at various forums, sources said.