Mumbai: The capital markets regulator Securities and Exchange Board of India or Sebi is expected to pass its order on the alleged involvement of National Depository Services Ltd (NSDL) in the initial public offer (IPO) scam in January.
On Tuesday, the Sebi board heard NSDL. Sebi chairman C.B. Bhave stayed away from the meeting to avoid any conflict of interest as he was heading NSDL at the time of the scam. A Sebi board member told Mint the hearing is over and the members will have one meeting sometime in January before passing the order.
Earlier, a three-member committee found NSDL guilty of failing to carry out its duties by not taking take appropriate action when thousands of demat accounts were opened for cornering shares meant for retail subscription in initial public offerings during the year 2005-06.