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JPC to begin probe into stock market scam on May 14

The joint parliamentary committee which begins its probe into the recent stock market scam on May 14 has a 'very large volume of work cut out that has to be completed within a short period of time'.

The 30-member committee headed by BJP MP Prakash Mani Tripathi will examine all aspects of the scam, including alleged price rigging and market manipulation by stock brokers such as Ketan Parekh.

Bourses in the country went into a tailspin following revelations of Madhavpura Co-operative Bank not being able to fulfil its financial commitments undertaken by Parekh.

The role and power of various institutions like Reserve Bank of India and Securities and Exchange Board of India and the working of capital markets would all come in for in-depth discussions during the probe.

During the initial sittings of the committee, finance ministry officials would apprise the members of the working of the various financial institutions after which programmes would be drawn up.

The JPC is expected to give its report before the conclusion of the monsoon session of Parliament, sources said.

A similar JPC was set up under the chairmanship of Congress leader, Ram Niwas Mirdha, in 1992 to probe the stock market scam which later indicted Big Bull Harshad Mehta.

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