The vigilance of the Securities and Exchange Surveillance Commission of Japan finally resulted in the arrest of Yoshiaki Murakami for allegedly violating securities laws.
In contrast, the Securities and Exchange Board of India (SEBI) arrived at the scene of India’s largest stock market fraud masterminded by the stockbroker Ketan Parekh after all the action was over in 2001. Earlier, Harshad Mehta had successfully avoided the scrutiny by the SEBI in 1992. Though, Mehta is dead and gone, nobody knows where the money disappeared.
Is it time to scrutinise the functioning of the SEBI to stop such scams in the future? Or is there a larger failure of the Indian systems of investigation, where the multiple layers of investigations have not secured any convictions of financial frauds.
Can we also become as efficient as Japan is in investigating crimes? merinews wants to open this debate to you. Please click here to express your opinion on the way India manages its finances.