Supreme Court today issued notices to CBI, SEBI, RBI and the Finance Ministry for a direction to seize entire investments and gains made through participatory notes in India.
The PIL was filed by advocate M.L. Sharma, who had already filed a PIL on Panama black money revelations, has filed this fresh application. On May 9, the SC had issued notice to the Centre and the CBI for an investigation against the Indians’ offshore account holders, and others. The notice was issued by a bench headed by Justice Dipak Misra.
Sharma alleged that soon after the court issued notice on the PIL, Sebi started to manipulate entire P-notes scenario to protect them. On May 13, Sebi said that it would frame fresh regulation about the P-notes circulation.
“With about Rs 2.2 lakh crore, P-Notes in circulation they make up for about 10 per cent of total foreign investment inflows into Indian markets, as against over 55 per cent at the peak of stock market bull run in 2007”, argued Sharma.Due to corruption, he said billions of rupees have been siphoned off from India to foreign offshore accounts and a part of it has been circulating in stocks, which is amounting to more than Rs 25 lakh crores within the knowledge of the Sebi.
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