Sebi board to discuss NSDL issue afresh

Facing probing questions from the Supreme Court about the clean chit given to depository major NSDL in the years-old IPO scam,market regulator Sebis board will discuss,next week,whether it needs to revisit its earlier decision.

The Sebi board is scheduled to meet on April 26 to discuss the NSDL matter to finalise its reply to a notice from the apex court,a senior official said. The Supreme Court on March 28 asked Sebi to reply within four weeks on whether it would revisit its decision to give a clean chit to NSDL (National Securities Depository Ltd) in a major scam related to share allotment irregularities in various initial public offers during 2003-2006 period.

The official said that NSDL was given a clean chit last year by Sebi,when it has CB Bhave as chairman,but there have been many changes since then at the regulatory authority.

Bhave had recused himself from Sebi board meeting in February 2010,when NSDL matter was discussed,as he had previously been head of the depository. Bhaves term ended in February this year and he has been succeeded by UK Sinha,while there have been many other changes also in the Sebi board since then.