No manipulation of Indian stocks by terrorists: Chidambaram
May 15, 2007 - 4:36:19 PM
|
|
|
The minister replied, 'All FIIs are regulated entities in their respective jurisdictions. When an FII applies for investment the SEBI - examines the application carefully and sometimes the permission for allowing them to invest in the stock market is held back for several months,' adding, 'Nobody, and I repeat nobody, who is not a regulated entity, can and has applied for investment.'
|
By IANS,
[RxPG] New Delhi, May 15 - The government has put in place a mechanism to monitor money laundering and there are no instances of terrorists' money being laundered in the Indian stock market, Finance Minister P. Chidambaram said Tuesday.
Replying to a question in the Rajya Sabha on the role of foreign investment institutions - in playing conduits to bringing in terrorist money into India, the minister said: 'The NSA - had stated that there could be isolated incidents of terrorist organisations manipulating the stock market.
'My ministry then sent a formal query to the National Security Council and asked them to inform the government of any specific instances that may have come to their notice. The NSC secretariat replied that they had no specific information.'
At this Trinamool Congress MP Dinesh Trivedi rose to say: 'NSA is such an important person and his statement was widely publicised. Secondly, the US government, whether state department or foreign department, I don't know, also widely publicised that terrorists were investing in the Indian stock market. Should we then think that this is all a piece of garbage?'
To this Chidambaram replied: 'I have stated the statement of the NSA and I have quoted the secretariat. If there is anything more I am sure the NSA will inform.
'There is a system in place which is monitoring money laundering. I can't recall of any instance of terrorists' money being laundered in the Indian stock market.'
Then Sushma Swaraj - wondered whether the terrorists could be using the FIIs to smuggle in their money because 'they are faceless entities'.
The minister replied, 'All FIIs are regulated entities in their respective jurisdictions. When an FII applies for investment the SEBI - examines the application carefully and sometimes the permission for allowing them to invest in the stock market is held back for several months,' adding, 'Nobody, and I repeat nobody, who is not a regulated entity, can and has applied for investment.'
When Sushma Swaraj suggested some more safeguards, the minister said: 'At the moment these laws are in place and I am confident that these laws are adequate, though I am open to any suggestions.'
|
Subscribe to India Business Newsletter
|
|
E-mail Address:
|
|
Feedback
|
For any corrections of factual information, to contact the editors or to send
any medical news or health news press releases, use
feedback form
|
Top of Page
|
