Sucheta Dalal takes a dig at Sebi

Mumbai Sucheta Dalal,a renowned journalist and Managing Director of MoneyLife, has taken to her personal social media handle, to expose the wrongdoings at Sebi. If her social media posts are to be believed, then an aspirant whole-time member of Sebi was sidelined on certain grounds.

“Hearing horror stories about corruption at Sebi. Someone set to become whole-time member was sidelined only after a pen drive with audio of bribe negotiations was sent to Sebi chairperson. A letter of displeasure was served on his last day and top management stayed away from farewell,” says Dalal on her Twitter handle.

“What about opposition leaders? Standing committee on finance, it goes on,” she says.

“Do you know how things are fixed at IPO level? An insider tells me: certain lead managers write a letter seeking exemption from disclosure rules. Sebi grants exemption on a case to case basis without informing investors since no disclosure in IPO. How are deals fixed?”

She has further alleged that waivers from disclosure are never put in the public domains. Also, it would be news to most people the warnings and letters of caution issued to lead managers are never made public.

When you are dealing with public money why this secrecy? she has asked.

Tagging Union Finance Minister N Sitharaman, finance ministry, RBI and DFS, Dalal wrote in her post: “Doesn’t matter what the SC appointed committee said on Sebi ruling differently on similarly issues- the practice continues! Not even worried about SC- why should they? Who is asking questions?”