JPC To Finalise Draft Report Today

New Delhi, November 28: | Updated: Nov 29 2002, 05:30am hrs
The joint parliamentary committee (JPC) probing the stock market scam will finalise its draft report on Friday and present it to the full committee on December 3 for comments and endorsement. The final report will be tabled in the current winter session of Parliament.

Draft committee members told FE that they have based the report on the findings resulting from questioning of various government officials, stock brokers and entities which was earlier compiled by the JPC secretariat.

The draft committee consists of seven members and is in the nature of a steering committee. It is entrusted with the responsibility of writing the report. Other committee members can, however, participate in the proceedings of the draft committee meetings.

JPC chairman Mr Tripathi heads the draft committee and the members include Kapil Sibal and Mani Shankar Aiyer from the Congress, SS Ahluwalia, Kharvela Swain and Kirit Somaiyya from the Bhartiya Janta Party (BJP) and C Ramachandreya from Telegu Desam Party (TDP).

JPC was constituted on April 15, 2001 to probe the the market crash of 2001. The committee was given two extensions, one during the budget session this year and the second during the monsoon session of Parliament this year.

During the course of the investigation JPC called for the deposition from the senior officials of ministry of finance, enforcement directorate, income tax authorities, department of company affairs, banks and financial institutions, Reserve Bank of India, stock exchanges and the Securities and Exchange Board of India (Sebi).

The committee, however, refrained from calling company promoters for submissions and restricted its investigation to stock brokers only. The JPC rounded off its investigation process with the depositions of the finance minister Jaswant Singh and his predecessors Yashwant Sinha, P Chidambaram and Manmohan Singh.