Sparks fly over JPC on stock scam

NEW DELHI APRIL 20. The treasury and the Opposition clashed yet again over the setting up of a Joint Parliamentary Committee. This time it was about setting up of a JPC on the latest stock market scam. Sparks flew during question hour when the Finance Minister, Mr. Yashwant Sinha, in reply to a question said that the Securities and Exchange Board of India (SEBI) was conducting an inquiry. The Opposition, particularly the Congress, was quick to buttonhole the Minister for his remark on the Government's assurance of setting up an JPC to probe the matter. Led by Mr. Jaipal Reddy, Congress MPs Mr. Mani Shankar Aiyer, Ms. Renuka Chaudhary and Mr. Sona Ram Chaudhary accused the Minister of trying to backtrack from the earlier commitment to setting up a JPC. Mr. Sinha promptly clarified that the Government was not averse to a JPC but the issue could not be sorted out during question hour. Rebutting the Opposition's charges, Mr. Sinha said he had nothing against a JPC but certain procedural matters had to be sorted out. ``Tell me of an instance when a JPC has been set up during question hour,'' he asked Mr. Reddy. The Finance Minister assured the House that he shared the concern of the members and like them he too was keen that those responsible for scam should be brought to book. Asked if action would be taken against Unit Trust India which had lost Rs. 6,0000000000, Mr. Sinha said the UTI report would be coming out shortly, and based on it action would be taken against those found guilty.