While the regulatory team from India apprised them on recent developments in the country’s economy, Indian capital markets and initiatives taken by the regulator, Tyagi said that they also received ideas on further improving the ease of doing business in India.
During this period, the watchdog observed that the share price rose from Rs 15.15 on May 4, 2009 to Rs 123.50 on November 18, 2009 and subsequently decreased to Rs 12.25 on February 19, 2010, as per a Sebi order.
India’s tryst with DRs began with the first scheme in 1993. Liberalisation gave a major boost to export-oriented services sector companies. Given their high growth potential, they could easily raise equity capital.
The tribunal said that only Institute of Chartered Account-ants of India (ICAI), the apex body of auditors, can take any action against its members, adding that fraud cannot be proved on the basis of negligence in auditing.