The Hindu : FM asks SEBI to probe bank stock surge

Online edition of India's National Newspaper
Tuesday, Jun 10, 2003

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Business

FM asks SEBI to probe bank stock surge

By Our Special Correspondent

MUMBAI JUNE 9. The Union Finance Minister, Jaswant Singh, today said that he has asked the Securities and Exchange Board of India to look into the price movement of bank shares on the stock exchanges and send him a report immediately. Addressing the Business Today India's best managed company awards, Mr. Singh, said the first responsibility of the corporate India was to share its profits with investors. "There should be a constant quest and thirst to achieve corporate excellence,'' Mr. Singh added. He said, "we need a totally changed stock exchanges with more transparency.'' According to him all along stock exchanges were considered as a gambling centres and the rural India was not having full knowledge about it. "Sadly, we have witnessed fractures in investors' confidence from 1990's to 2003 and we have to collectively work to correct the impression about stock markets," he said. "We need greater and greater transparency and corporates are having responsibility to shareholders.''

Indian companies must strive to capture the pinnacle of excellence and strive to be global leaders and "I will provide everything to achieve the best,'' he added. Reliance Industries was adjudged as India's best managed company organised by Business Today.

Scrips of public sector banks have been witnessing intense volatility in the last few days, especially in those stocks where banks have announced their plans to return equity to the government.

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