Financial Daily from THE HINDU group of publications
Wednesday, Dec 21, 2005
Financial Daily from THE HINDU group of publications Wednesday, Dec 21, 2005 |
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Markets
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Economic Offences Govt not to have separate legislation for financial frauds Our Bureau
New Delhi , Dec. 20 THE Government has decided to drop a proposal for having a separate legislation to deal with financial frauds. This has been stated in the fifth progress report on the implementation of the recommendations contained in the Joint Parliamentary Committee (JPC) report on the stock market scam. The Finance Minister, Mr P. Chidambaram, tabled the fifth progress report in the Lok Sabha today. The Government has in the progress report noted that the recommendations of Ghosh and Mitra committee on financial frauds and devising of effective mechanism to deal with frauds have been examined. As the Government is of the view that the existing legal provisions facilitate initiation of desired action with respect to frauds and that various steps like setting up of a Serious Fraud Investigation Office has been taken, it has been decided not to go ahead with a separate legislation to deal with financial frauds.
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