Rajeev Chandrasekhar's official website - Member of Parliament

 

GOVERNMENT OF INDIA

Ministry of Finance

DEPARTMENT OF ECONOMIC AFFAIRS

RAJYA SABHA

UNSTARRED QUESTION NO 3041

TO BE ANSWERED ON TUESDAY, THE 22ND APRIL, 2008

Personal Profits by Media Personalities.

3041.

SHRI RAJEEV CHANDRASEKHAR

Will the Minister of FINANCE be pleased to state:-

(a) whether Government has taken note of a recent statement by a former SEBI Chairman about media personalities taking up shares to make personal profits including a recent case in which a brokerage firm chairman who is a frequent commentator on TV, was involved;

(b) if so, what is Government’s reaction in the matter; and

(c) what action including punitive one is proposed to be taken by Government to deal with such situation, which adversely affect the small investors in stock market?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PAWAN KUMAR BANSAL)

(a) to (c) As per SEBI Regulations, the intermediaries are required to abide by the code of conduct and exercise due caution while dealing with their clients and disclose conflict of interest, if any. Non-compliance with these regulations are also dealt with by SEBI in terms of its provisions and the intermediaries are subjected to penalties such as warning, suspension, cancellation of registrations, etc.