tag:blogger.com,1999:blog-19649274.post5871890190336924374..comments2024-03-27T17:16:12.789+05:30Comments on The Leap Blog: The role of the boardAjay Shahhttp://www.blogger.com/profile/03835842741008200034noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-19649274.post-41513655869967495282013-06-06T02:32:39.880+05:302013-06-06T02:32:39.880+05:30Very interesting issue for discussion. I am not s...Very interesting issue for discussion. I am not sure I agree with the view that the Cobrapost expose is a reflection of supervision failure by the RBI. This is exactly the approach that led to SEBI once finding fault with NSDL and CDSL for the occurrence of the alleged IPO scam, and then, observers wondering how SEBI would be as guilty if NSDL and CDSL were guilty.<br /><br />Most of the media literature on money-laundering issues including the issues at the core of the Sahara-SEBI dispute is not informed about the construct of money-laundering prevention laws. There is an exclusive regulatory architecture under the PMLA that is dedicated to administration and enforcement of this law - it goes right into adjudication and even appellate review by a tribunal. The Cobrapost findings are about matters in the domain of this regulatory architecture. <br /><br />We should ask questions about why these institutions are not being strengthened and their decision-making forums are not active.<br /><br />(Disclosure: I represent NSDL in its defence against allegations of the "IPO scam")Somasekhar Sundaresanhttps://www.blogger.com/profile/04744606756966518697noreply@blogger.com