SC to hear petition on NSDL role in the IPO scam

The Supreme Court will tomorrow hear a petition seeking directions to market regulator Sebi to take action on the report of a high-powered committee, which had probed the IPO scam of 2006 and NSDL’s role in it. The matter would be heard by a bench comprising justices RV Raveendran and AK Patnaik.

Sebi is supposed to inform the apex court about its board’s decision on whether to revisit the earlier verdict of giving a clean chit to NSDL (National Securities Depository Ltd) for its alleged role in the scam.

The scam relates to share allotment irregularities in various initial public offers (IPOs) between 2003 and 2006.

On April 25, the apex court adjourned the hearing after Sebi sought more time to present its views on the report.